0001624322FALSE00016243222025-01-232025-01-23
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 23, 2025
BUSINESS FIRST BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Louisiana (State of incorporation) | 001-38447 (Commission File Number) | 20-5340628 (IRS Employer Identification No.) |
|
500 Laurel Street, Suite 101 Baton Rouge,Louisiana (Address of principal executive offices) | | 70801 (Zip Code) |
(225) 248-7600
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $1.00 per share | BFST | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On January 23, 2025, Business First Bancshares, Inc. (“Business First”), the parent company of b1BANK, issued a press release announcing financial results for the fiscal year and fourth quarter ended December 31, 2024. The release also announced that the Board of Directors of Business First declared a common dividend on January 23, 2025, in the amount of $0.14 per share to the common shareholders of record on February 15, 2025. The dividend is to be paid on February 28, 2025, or as soon as practicable thereafter. Also, the board of directors declared a quarterly preferred dividend in the amount of $18.75 per share of preferred stock, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. The dividend will be paid on February 28, 2025, or as soon therefore as practicable, to the preferred shareholders of record as of February 15, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
The information in this Item 2.02, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference
Item 7.01 Regulation FD Disclosure
On January 23, 2025, Business First made available the supplemental information attached hereto as Exhibit 99.2 prepared for use with the press release.
The information in this Item 7.01, including Exhibit 99.2, is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
| | | | | | | | |
| Number | | Exhibit |
| 99.1 | | |
| 99.2 | | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| BUSINESS FIRST BANCSHARES, INC. |
| | |
| By: | /s/ David R. Melville, III |
| Name: | David R. Melville, III |
| Title: | President and Chief Executive Officer |
| | |
| | |
| Date: January 23, 2025 | | |
| | | | | | | | |
| 500 Laurel Street | |
Baton Rouge, LA 70801 | |
Phone: 877.614.7600 | |
| | | | | |
FOR IMMEDIATE RELEASE | Misty Albrecht |
January 23, 2025 | b1BANK |
| 225.286.7879 |
| Misty.Albrecht@b1BANK.com |
Business First Bancshares, Inc., Announces Financial Results for Fiscal Year 2024 and Q4 2024
Baton Rouge, La. (January 23, 2025) – Business First Bancshares, Inc. (NASDAQ: BFST) (Business First), parent company of b1BANK, today announced its unaudited results for
the quarter ended December 31, 2024. Business First reported net income available to common shareholders of $15.1 million or $0.51 per diluted common share, decreases of $1.4 million and $0.14, respectively, compared to the linked quarter ended September 30, 2024. On a non-GAAP basis, core net income for the quarter ended December 31, 2024, which excludes certain income and expenses, was $19.5 million or $0.66 per diluted common share, an increase of $2.2 million and decrease of $0.02, from the linked quarter. The quarter ended December 31, 2024, included the consummation of the Oakwood Bancshares, Inc. (Oakwood) transaction.
For the year ended December 31, 2024, Business First reported net income available to common stockholders of $59.7 million or $2.26 per diluted common share, decreases of $5.9 million and $0.34, respectively, from the prior year ended December 31, 2023. On a non-GAAP basis, core net income for the year ended December 31, 2024, which excludes certain income and expenses, was $65.7 million or $2.49 per diluted common share, decreases of $0.6 million and $0.13, respectively, from prior year ended December 31, 2023.
"I’m pleased to report the fourth quarter of 2024 positively reflected our year as a whole,” said Jude Melville, chairman, president and CEO of Business First Bancshares. “Solid fundamental performance led to productive growth, increasing diversification of revenue sources, healthy asset quality, successful incorporation of new team members, and expansion of our client base, all of which point to an exciting 2025 in which we anticipate not only meeting but growing stakeholder expectations."
On Thursday, January 23, 2025, Business First’s board of directors declared a quarterly preferred dividend in the amount of $18.75 per share, which is the full quarterly dividend of 1.875% based on the per annum rate of 7.50%. Additionally, the board of directors declared a quarterly common dividend based upon financial performance for
the fourth quarter in the amount of $0.14 per share of common stock. The preferred and common dividends will be paid on February 28, 2025, or as soon thereafter as practicable, to the shareholders of record as of February 15, 2025.
Quarterly Highlights
•Net Interest Margin (NIM) Expansion. For the quarter ended December 31, 2024, net interest income totaled $65.7 million and net interest margin and net interest spread were 3.61% and 2.77%, respectively, compared to $56.1 million, 3.51% and 2.54% for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.0 million) were 3.56% and 2.72% for the quarter ended December 31, 2024, compared to 3.46% and 2.50% (excluding loan discount accretion of $0.7 million) for the linked quarter. The increase was driven by a reduction in Business First's overall cost of funding.
•Noninterest Income Investments. Business First again demonstrated increasing revenue from noninterest income sources. For the quarter ended December 31, 2024, the customer swap business produced revenue of $1.3 million, an increase of $0.4 million when compared to the linked quarter, along with continued progress in many of the other noninterest income revenue streams.
•Strong Deposit Growth. During the quarter ended December 31, 2024, deposits increased $870.4 million or 15.43%, 61.38% annualized, compared to the linked quarter. Excluding ending December 31, 2024 deposit balances from Oakwood, organic deposit growth was $156.8 million or 2.78%, 11.06% annualized.
•Measured Loan Growth. Loans held for investment increased $761.3 million or 14.58%, 58.02% annualized, from the linked quarter. Excluding ending December 31, 2024 loan balances from Oakwood, organic loan growth was $62.8 million or 1.20%, 4.79% annualized.
•Oakwood Acquisition. On October 1, 2024, Business First closed its previously announced acquisition of Oakwood and its wholly-owned subsidiary, Oakwood Bank. Oakwood had approximately $863.6 million of total assets, $700.2 million of loans, and $741.3 million of deposits as of September 30, 2024. Business
First does not anticipate material synergies to be reflected in its earnings until after conversion in the fourth quarter.
•Consistent Core Performance. Return to common shareholders on average assets, on an annualized basis, was 0.78% for the quarter ended December 31, 2024, or 1.00% on a non-GAAP basis, with the difference largely attributable to the exclusion of acquisition-related costs, including $4.8 million provision expense for the Oakwood loan portfolio.
Statement of Financial Condition
Loans
Loans held for investment increased $761.3 million or 14.58%, 58.02% annualized, from the linked quarter. Excluding ending December 31, 2024 loan balances from Oakwood, organic loan growth was $62.8 million or 1.20%, 4.79% annualized. For the year ended December 31, 2024, organic loan growth was $291.0 million or 5.83%. Organic loan growth for the quarter was highlighted by a $54.3 million or 3.63% increase in the commercial and industrial (C&I) portfolio and $20.8 million or 2.80% in the residential real estate portfolio, as well as a reduction of $31.9 million or 4.87% in the construction and development (C&D) portfolio.
Organic production for the quarter was led by the Capital, Southwest, and New Orleans Louisiana regions which accounted for all of the net loan growth from the linked quarter based on unpaid principal balance. Based on unpaid principal balances, Texas-based loans represented approximately 41% of the overall loan portfolio as of December 31, 2024, with the 6% increase from linked quarter attributed to the Oakwood acquisition.
Credit Quality
Credit quality metrics remain solid, with improvement during the quarter from the acquisition of the Oakwood portfolio as well as in the organic portfolio through resolution of nonaccrual loans. The ratio of nonperforming loans compared to loans held for investment decreased 8 basis points to 0.42% at December, 31, 2024, while the ratio of nonperforming assets compared to total assets decreased 1 basis point to 0.39%. The decreases were attributable to the acquired loans from the Oakwood portfolio and the $1.1 million decrease in nonperforming loans compared to the linked quarter.
Securities
The securities portfolio decreased $22.5 million, or 2.46%, from the linked quarter, impacted by $21.4 million in negative fair value adjustments. The securities portfolio, based on estimated fair value, represented 11.37% of total assets as of December 31, 2024.
Deposits
Deposits increased $870.4 million or 15.43%, 61.38% annualized, for the quarter ended December 31, 2024, compared to the linked quarter. Excluding ending December 31, 2024 deposit balances from Oakwood, organic deposit growth was $156.8 million or 2.78%, 11.06% annualized. For the year ended December 31, 2024, organic deposit growth was $548.9 million or 10.46%.
Organic deposit growth for the quarter was highlighted by increases in money market accounts and noninterest bearing accounts, with increases of $51.8 million or 2.49% and $33.3 million or 2.79%, respectively, compared to the linked quarter.
Borrowings
Borrowings decreased $10.3 million, or 2.09%, from the linked quarter due primarily to a reduction in short-term Federal Home Loan Bank advances.
Shareholders’ Equity
Shareholders' equity increased $99.9 million, of which $103.8 million was due to the acquisition of Oakwood, during the quarter ended December 31, 2024. Accumulated other comprehensive income (AOCI) decreased $16.9 million, or 36.52%, during the fourth quarter due to negative after-tax fair value adjustments in the securities portfolio. Book value per common share increased to $24.62 at December 31, 2024, compared to $24.59 at September 30, 2024. On a non-GAAP basis, tangible book value per common share decreased from $20.60 at September 30, 2024, to $19.92 at December 31, 2024 due largely to the decreases in AOCI which accounted for $0.57 of the decrease.
Results of Operations
Net Interest Income
For the quarter ended December 31, 2024, net interest income totaled $65.7 million, compared to $56.1 million from the linked quarter. Loan and interest-earning asset yields of 7.05% and 6.38%, decreased 7 and 4 basis points, respectively, compared to 7.12% and 6.42% from the linked quarter due to recent decline in the interest rate environment. However, net interest margin and net interest spread were 3.61% and 2.77% compared to 3.51% and 2.54% for the linked quarter. The overall cost of funds, which included noninterest-bearing deposits, declined 14 bps from 3.07% from the linked quarter to 2.93% for the quarter ended December 31, 2024 due to the interest rate environment, along with decisive deposit rate management.
Non-GAAP net interest income (excluding loan discount accretion of $1.0 million) totaled $64.7 million for the quarter ended December 31, 2024, compared to $55.4 million (excluding loan discount accretion of $0.7 million) for the linked quarter. Non-GAAP net interest margin and net interest spread (excluding loan discount accretion of $1.0 million) were 3.56% and 2.72%, respectively, for the quarter ended December 31, 2024, compared to 3.46% and 2.50% (excluding loan discount accretion of $0.7 million) for the linked quarter. Excluding loan discount accretion, loan yields decreased 9 basis points to 6.98% from 7.07%, and interest earnings asset yields decreased 5 basis points to 6.33% from 6.38%, compared to the linked quarter.
Provision for Credit Losses
During the quarter ended December 31, 2024, Business First recorded a provision for credit losses of $6.7 million, compared to $1.7 million from the linked quarter. The current quarter’s reserve growth was largely associated with a $4.8 million increase due to the initial acquisition of Oakwood, along with loan growth, net charge-offs, offset by slight improvements in the economic forecasts.
Other Income
For the quarter ended December 31, 2024, other income increased $1.1 million or 10.05%, compared to the linked quarter. The net increase was largely attributable to a a $351,000 increase in swap fee income, $311,000 increase in bank owned life insurance due to a benefit payout and the addition of Oakwood, and $205,000 increase in debit card and ATM fee income.
Other Expenses
For the quarter ended December 31, 2024, other expenses increased by $7.1 million or 16.77%, compared to the linked quarter. The increase was largely attributable to expenses associated with the acquisition of Oakwood, approximately $4.8 million, along with increases in advertising and promotions, $653,000, salaries and employee benefits (excluding Oakwood), $533,000, and ad valorem/shareholders taxes, $457,000.
Return on Assets and Common Equity
Return to common shareholders on average assets and common equity, each on an annualized basis, were 0.78% and 8.23% for the quarter ended December 31, 2024, compared to 0.97% and 10.76%, respectively, for the linked quarter. Non-GAAP return to common shareholders on average assets and common equity, each on an annualized basis, were 1.00% and 10.58% for the quarter ended December 31, 2024, compared to 1.01% and 11.23%, respectively, for the linked quarter.
Conference Call and Webcast
Executive management will host a conference call and webcast to discuss results on Thursday, January 23, 2025, at 4:00 p.m. Central Time. Interested parties may attend the call by dialing toll-free 1-800-715-9871 (North America only), conference ID 3805642, or asking for the Business First Bancshares conference call. The live webcast can be found at https://edge.media-server.com/mmc/p/t4dk4pym. On the day of the presentation, the corresponding slide presentation will be available to view on the b1BANK website at https://www.b1bank.com/shareholder-info.
About Business First Bancshares, Inc.
Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $7.9 billion in assets, $6.9 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. Commercial banking services include commercial loans and letters of credit, working capital lines and equipment financing, and treasury management services. b1BANK was awarded #1 Best-In-State Bank, Louisiana, by Forbes and Statista, and is a multiyear winner of American Banker’s “Best Banks to Work For.” Visit b1BANK.com for more information.
Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures (e.g., referenced as “core” or “tangible”) intended to supplement, not substitute for, comparable GAAP measures. “Core” measures typically adjust income available to common shareholders for certain significant activities or transactions that, in management’s opinion, can distort period-to-period comparisons of Business First’s performance. Transactions that are typically excluded from non-GAAP “core” measures include realized and unrealized gains/losses on former bank premises and equipment, investment sales, acquisition-related expenses (including, but not limited to, legal costs, system conversion costs, severance and retention payments, etc.). “Tangible” measures adjust common equity by subtracting goodwill, core deposit intangibles, and customer intangibles, net of accumulated amortization. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of Business First’s core business. These non-GAAP disclosures are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided at the end of the tables below.
Special Note Regarding Forward-Looking Statements
Certain statements contained in this release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including those factors specified in our Annual Report on Form 10-K and other public filings. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
Additional Information
For additional information about Business First, you may obtain Business First’s reports that are filed with the Securities and Exchange Commission (SEC) free of charge by using the SEC’s EDGAR service on the SEC’s website at www.SEC.gov or by contacting the SEC for further information at 1-800-SEC-0330. Alternatively, these documents can be obtained free of charge from Business First by directing a request to: Business First Bancshares, Inc., 500 Laurel Street, Suite 101, Baton Rouge, Louisiana 70801, Attention: Corporate Secretary.
No Offer or Solicitation
This release does not constitute or form part of any offer to sell, or a solicitation of an offer to purchase, any securities of Business First. There will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
| | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Selected Financial Information |
| (Unaudited) |
| | | | |
| | Three Months Ended |
| (Dollars in thousands) | | December 31,
2024 | September 30,
2024 | December 31,
2023 |
| | | | |
| Balance Sheet Ratios | | | | |
| | | | |
| Loans (HFI) to Deposits | | 91.86 | % | 92.54 | % | 95.12 | % |
| Shareholders' Equity to Assets Ratio | | 10.18 | % | 10.15 | % | 9.78 | % |
| | | | |
| Loans Receivable Held for Investment (HFI) | | | | |
| | | | |
| Commercial | | $ | 1,868,675 | | $ | 1,496,480 | | $ | 1,358,838 | |
| Real Estate: | | | | |
| Commercial | | 2,483,223 | | 2,256,370 | | 2,217,928 | |
| Construction | | 670,502 | | 654,353 | | 669,798 | |
| Residential | | 884,533 | | 743,878 | | 682,394 | |
| Total Real Estate | | 4,038,258 | | 3,654,601 | | 3,570,120 | |
| Consumer and Other | | 74,466 | | 69,037 | | 63,827 | |
| Total Loans (Held for Investment) | | $ | 5,981,399 | | $ | 5,220,118 | | $ | 4,992,785 | |
| | | | |
| Allowance for Loan Losses | | | | |
| | | | |
| Balance, Beginning of Period | | $ | 42,154 | | $ | 41,412 | | $ | 41,129 | |
| Oakwood - PCD ALLL | | 8,410 | | — | | — | |
| Charge-Offs - Quarterly | | (2,290) | | (1,424) | | (1,039) | |
| Recoveries - Quarterly | | 654 | | 295 | | 152 | |
| Provision for Loan Losses - Quarterly | | 5,912 | | 1,871 | | 172 | |
| Balance, End of Period | | $ | 54,840 | | $ | 42,154 | | $ | 40,414 | |
| | | | |
| Allowance for Loan Losses to Total Loans (HFI) | | 0.92 | % | 0.81 | % | 0.81 | % |
| Allowance for Credit Losses to Total Loans (HFI)/(1) | | 0.98 | % | 0.86 | % | 0.88 | % |
| Net Charge-Offs (Recoveries) to Average Quarterly Total Loans | | 0.03 | % | 0.02 | % | 0.02 | % |
| | | | |
| Remaining Loan Purchase Discount | | $ | 12,121 | | $ | 9,003 | | $ | 12,286 | |
| | | | |
| Nonperforming Assets | | | | |
| | | | |
| Nonperforming | | | | |
| Nonaccrual Loans | | $ | 24,147 | | $ | 25,874 | | $ | 16,943 | |
| Loans Past Due 90 Days or More | | 860 | | 185 | | 127 | |
| Total Nonperforming Loans | | 25,007 | | 26,059 | | 17,070 | |
| Other Nonperforming Assets: | | | | |
| Other Real Estate Owned | | 5,529 | | 1,787 | | 1,685 | |
| Other Nonperforming Assets | | — | | — | | — | |
| Total other Nonperforming Assets | | 5,529 | | 1,787 | | 1,685 | |
| Total Nonperforming Assets | | $ | 30,536 | | $ | 27,846 | | $ | 18,755 | |
| | | | |
| Nonperforming Loans to Total Loans (HFI) | | 0.42 | % | 0.50 | % | 0.34 | % |
| Nonperforming Assets to Total Assets | | 0.39 | % | 0.40 | % | 0.28 | % |
| | | | | |
| (1) Allowance for Credit Losses includes the Allowance for Loan Loss and Reserve for Unfunded Commitments. |
| | | | | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Selected Financial Information |
| (Unaudited) |
| | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
| | | | | | | |
| Per Share Data | | | | | | | |
| | | | | | | |
| Basic Earnings per Common Share | | $ | 0.52 | | $ | 0.65 | | $ | 0.58 | | | $ | 2.27 | | $ | 2.62 | |
| Diluted Earnings per Common Share | | 0.51 | | 0.65 | | 0.57 | | | 2.26 | | 2.59 | |
| Dividends per Common Share | | 0.14 | | 0.14 | | 0.14 | | | 0.56 | | 0.50 | |
| Book Value per Common Share | | 24.62 | | 24.59 | | 22.58 | | | 24.62 | | 22.58 | |
| | | | | | | |
| Average Common Shares Outstanding | | 29,311,111 | | 25,289,094 | | 25,116,688 | | | 26,253,846 | | 25,079,106 | |
| Average Diluted Common Shares Outstanding | | 29,520,781 | | 25,440,247 | | 25,333,913 | | | 26,452,084 | | 25,296,200 | |
| End of Period Common Shares Outstanding | | 29,552,358 | | 25,519,501 | | 25,351,809 | | | 29,552,358 | | 25,351,209 | |
| | | | | | | |
| Annualized Performance Ratios | | | | | | | |
| | | | | | | |
| Return to Common Shareholders on Average Assets (1) | | 0.78 | % | 0.97 | % | 0.88 | % | | 0.86 | % | 1.04 | % |
| Return to Common Shareholders on Average Common Equity (1) | | 8.23 | % | 10.76 | % | 10.54 | % | | 9.54 | % | 12.36 | % |
| Net Interest Margin (1) | | 3.61 | % | 3.51 | % | 3.50 | % | | 3.48 | % | 3.62 | % |
| Net Interest Spread (1) | | 2.77 | % | 2.54 | % | 2.53 | % | | 2.55 | % | 2.72 | % |
| Efficiency Ratio (2) | | 63.91 | % | 63.45 | % | 63.36 | % | | 65.42 | % | 61.61 | % |
| | | | | | | |
| Total Quarterly/Year-to-Date Average Assets | | $ | 7,721,338 | | $ | 6,788,644 | | $ | 6,494,861 | | | $ | 6,973,735 | | $ | 6,341,880 | |
| Total Quarterly/Year-to-Date Average Common Equity | | 731,820 | | 610,018 | | 544,628 | | | 625,914 | | 530,956 | |
| | | | | | | |
| Other Expenses | | | | | | | |
| | | | | | | |
Salaries and Employee Benefits
| | $ | 28,101 | | $ | 24,877 | | $ | 22,609 | | | $ | 103,917 | | $ | 90,611 | |
| Occupancy and Bank Premises | | 3,166 | | 2,630 | | 2,387 | | | 10,944 | | 9,518 | |
| Depreciation and Amortization | | 2,278 | | 1,844 | | 1,647 | | | 7,540 | | 6,767 | |
| Data Processing | | 3,856 | | 2,881 | | 2,490 | | | 11,957 | | 9,034 | |
| FDIC Assessment Fees | | 1,009 | | 887 | | 841 | | | 3,598 | | 3,645 | |
| Legal and Other Professional Fees | | 975 | | 873 | | 833 | | | 3,756 | | 3,173 | |
| Advertising and Promotions | | 1,710 | | 1,057 | | 1,052 | | | 4,878 | | 4,628 | |
| Utilities and Communications | | 775 | | 716 | | 700 | | | 2,883 | | 2,899 | |
| Ad Valorem Shares Tax | | 1,357 | | 900 | | 265 | | | 4,057 | | 3,160 | |
| Directors' Fees | | 290 | | 245 | | 262 | | | 1,085 | | 1,079 | |
| Other Real Estate Owned Expenses and Write-Downs | | 182 | | 11 | | 504 | | | 301 | | 687 | |
| Merger and Conversion-Related Expenses | | 168 | | 319 | | 63 | | | 1,236 | | 236 | |
| Other | | 5,703 | | 5,210 | | 6,061 | | | 21,500 | | 21,265 | |
| Total Other Expenses | | $ | 49,570 | | $ | 42,450 | | $ | 39,714 | | | $ | 177,652 | | $ | 156,702 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Selected Financial Information |
| (Unaudited) |
| | | | | | | |
| | Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
| | | | | | | |
| Other Income | | | | | | | |
| | | | | | | |
| Service Charges on Deposit Accounts | | $ | 2,878 | | $ | 2,723 | | $ | 2,470 | | | $ | 10,577 | | $ | 9,704 | |
| Gain (Loss) on Sales of Securities | | 21 | | (13) | | (2,503) | | | 7 | | (2,565) | |
| Debit Card and ATM Fee Income | | 2,069 | | 1,864 | | 1,793 | | | 7,659 | | 6,590 | |
| Bank-Owned Life Insurance Income | | 990 | | 679 | | 572 | | | 2,875 | | 2,247 | |
| Gain on Sales of Loans | | 252 | | 122 | | 546 | | | 2,973 | | 1,972 | |
| Mortgage Origination Income | | 36 | | 98 | | 47 | | | 238 | | 285 | |
| Fees and Brokerage Commission | | 2,063 | | 1,968 | | 1,710 | | | 7,844 | | 7,247 | |
| Gain (Loss) on Sales of Other Real Estate Owned | | 40 | | (16) | | 338 | | | 89 | | 646 | |
| Losses on Disposal of Other Assets | | — | | — | | (1) | | | (15) | | (15) | |
| Gain on Sale of Branch | | — | | — | | 13 | | | — | | 945 | |
| Gain on Extinguishment of Debt | | — | | — | | — | | | — | | 1,458 | |
| Swap Fee Income | | 1,288 | | 937 | | 964 | | | 2,739 | | 964 | |
| Pass-Through Income (Loss) from Other Investments | | 186 | | 335 | | (1,028) | | | 1,208 | | 1,946 | |
| Other | | 2,034 | | 2,077 | | 1,492 | | | 7,999 | | 5,218 | |
| Total Other Income | | $ | 11,857 | | $ | 10,774 | | $ | 6,413 | | | $ | 44,193 | | $ | 36,642 | |
| | | | | | | |
| (1) Average outstanding balances are determined utilizing daily averages and average yield/rate is calculated utilizing an actual day count convention. | | | |
| (2) Noninterest expense (excluding provision for loan losses) divided by noninterest income (excluding security sales gains/losses) plus net interest income less gain/loss on sales of securities. | | | |
| | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Consolidated Balance Sheets |
| (Unaudited) |
| | | | |
| | |
| (Dollars in thousands) | | December 31,
2024 | September 30,
2024 | December 31,
2023 |
| | | | |
| Assets | | | | |
| | | | |
| Cash and Due From Banks | | $ | 319,098 | | $ | 213,199 | | $ | 226,110 | |
| Federal Funds Sold | | 197,669 | | 169,980 | | 151,134 | |
| Securities Purchased under Agreements to Resell | | 50,835 | | 25,879 | | — | |
| Securities Available for Sale, at Fair Values | | 893,549 | | 916,091 | | 879,571 | |
| Mortgage Loans Held for Sale | | 717 | | — | | 835 | |
| Loans and Lease Receivable | | 5,981,399 | | 5,220,118 | | 4,992,785 | |
| Allowance for Loan Losses | | (54,840) | | (42,154) | | (40,414) | |
| Net Loans and Lease Receivable | | 5,926,559 | | 5,177,964 | | 4,952,371 | |
| Premises and Equipment, Net | | 81,953 | | 67,617 | | 69,480 | |
| Accrued Interest Receivable | | 35,872 | | 32,547 | | 29,916 | |
| Other Equity Securities | | 41,100 | | 39,555 | | 33,942 | |
| Other Real Estate Owned | | 5,529 | | 1,787 | | 1,685 | |
| Cash Value of Life Insurance | | 117,645 | | 101,362 | | 96,478 | |
| Deferred Taxes, Net | | 29,591 | | 20,852 | | 27,323 | |
| Goodwill | | 121,572 | | 91,527 | | 88,391 | |
| Core Deposit and Customer Intangibles | | 17,252 | | 10,326 | | 11,895 | |
| Other Assets | | 18,149 | | 19,963 | | 15,419 | |
| | | | |
| Total Assets | | $ | 7,857,090 | | $ | 6,888,649 | | $ | 6,584,550 | |
| | | | |
| Liabilities | | | | |
| | | | |
| Deposits | | | | |
| Noninterest-Bearing | | $ | 1,357,045 | | $ | 1,190,942 | | $ | 1,299,090 | |
| Interest-Bearing | | 5,154,286 | | 4,450,004 | | 3,949,700 | |
| Total Deposits | | 6,511,331 | | 5,640,946 | | 5,248,790 | |
| | | | |
| Securities Sold Under Agreements to Repurchase | | 22,621 | | 21,529 | | 18,885 | |
| Bank Term Funding Program | | — | | — | | 300,000 | |
| Federal Home Loan Bank Borrowings | | 355,875 | | 367,202 | | 211,198 | |
| Subordinated Debt | | 99,760 | | 99,818 | | 99,990 | |
| Subordinated Debt - Trust Preferred Securities | | 5,000 | | 5,000 | | 5,000 | |
| Accrued Interest Payable | | 5,969 | | 3,752 | | 14,841 | |
| Other Liabilities | | 57,068 | | 50,878 | | 41,587 | |
| | | | |
| Total Liabilities | | 7,057,624 | | 6,189,125 | | 5,940,291 | |
| | | | |
| Shareholders' Equity | | | | |
| | | | |
| Preferred Stock | | 71,930 | | 71,930 | | 71,930 | |
| Common Stock | | 29,552 | | 25,520 | | 25,352 | |
| Additional Paid-In Capital | | 500,024 | | 398,237 | | 397,447 | |
| Retained Earnings | | 260,958 | | 249,981 | | 216,115 | |
| Accumulated Other Comprehensive Loss | | (62,998) | | (46,144) | | (66,585) | |
| | | | |
| Total Shareholders' Equity | | 799,466 | | 699,524 | | 644,259 | |
| | | | |
| Total Liabilities and Shareholders' Equity | | $ | 7,857,090 | | $ | 6,888,649 | | $ | 6,584,550 | |
| | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Consolidated Statements of Income |
| (Unaudited) |
| | | | | | |
| | Three Months Ended | Twelve Months Ended |
| (Dollars in thousands) | | December 31,
2024 | September 30,
2024 | December 31,
2023 | December 31,
2024 | December 31,
2023 |
| | | | | | |
| Interest Income: | | | | | | |
| Interest and Fees on Loans | | $ | 104,697 | | $ | 93,307 | | $ | 85,761 | | $ | 374,555 | | $ | 323,327 | |
| Interest and Dividends on Securities | | 7,310 | | 6,417 | | 5,193 | | 25,259 | | 20,125 | |
| Interest on Federal Funds Sold and Due From Banks | | 4,135 | | 3,017 | | 3,711 | | 14,950 | | 9,875 | |
| Total Interest Income | | 116,142 | | 102,741 | | 94,665 | | 414,764 | | 353,327 | |
| | | | | | |
| Interest Expense: | | | | | | |
| Interest on Deposits | | 44,862 | | 41,303 | | 34,190 | | 165,094 | | 106,908 | |
| Interest on Borrowings | | 5,551 | | 5,324 | | 6,715 | | 22,287 | | 31,290 | |
| Total Interest Expense | | 50,413 | | 46,627 | | 40,905 | | 187,381 | | 138,198 | |
| | | | | | |
| Net Interest Income | | 65,729 | | 56,114 | | 53,760 | | 227,383 | | 215,129 | |
| | | | | | |
| Provision for Credit Losses | | 6,712 | | 1,665 | | 119 | | 10,873 | | 4,483 | |
| | | | | | |
| Net Interest Income After Provision for Credit Losses | | 59,017 | | 54,449 | | 53,641 | | 216,510 | | 210,646 | |
| | | | | | |
| Other Income: | | | | | | |
| Service Charges on Deposit Accounts | | 2,878 | | 2,723 | | 2,470 | | 10,577 | | 9,704 | |
| Gain (Loss) on Sales of Securities | | 21 | | (13) | | (2,503) | | 7 | | (2,565) | |
| Gain on Sales of Loans | | 252 | | 122 | | 546 | | 2,973 | | 1,972 | |
| Other Income | | 8,706 | | 7,942 | | 5,900 | | 30,636 | | 27,531 | |
| Total Other Income | | 11,857 | | 10,774 | | 6,413 | | 44,193 | | 36,642 | |
| | | | | | |
| Other Expenses: | | | | | | |
| Salaries and Employee Benefits | | 28,101 | | 24,877 | | 22,609 | | 103,917 | | 90,611 | |
| Occupancy and Equipment Expense | | 7,087 | | 5,828 | | 5,301 | | 23,989 | | 20,859 | |
| Merger and Conversion-Related Expense | | 168 | | 319 | | 63 | | 1,236 | | 236 | |
| Other Expenses | | 14,214 | | 11,426 | | 11,741 | | 48,510 | | 44,996 | |
| Total Other Expenses | | 49,570 | | 42,450 | | 39,714 | | 177,652 | | 156,702 | |
| | | | | | |
| Income Before Income Taxes | | 21,304 | | 22,773 | | 20,340 | | 83,051 | | 90,586 | |
| | | | | | |
| Provision for Income Taxes | | 4,816 | | 4,930 | | 4,516 | | 17,944 | | 19,543 | |
| | | | | | |
| Net Income | | 16,488 | | 17,843 | | 15,824 | | 65,107 | | 71,043 | |
| | | | | | |
| Preferred Stock Dividends | | 1,350 | | 1,351 | | 1,350 | | 5,401 | | 5,401 | |
| | | | | | |
| Net Income Available to Common Shareholders | | $ | 15,138 | | $ | 16,492 | | $ | 14,474 | | $ | 59,706 | | $ | 65,642 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Consolidated Net Interest Margin |
| (Unaudited) |
| | | | | | | | | | | |
| Three Months Ended |
| December 31, 2024 | | September 30, 2024 | | December 31, 2023 |
| (Dollars in thousands) | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate |
| | | | | | | | | | | |
| Assets | | | | | | | | | | | |
| Interest Earning Assets: | | | | | | | | | | | |
| Total Loans | $ | 5,911,183 | | $ | 104,697 | | 7.05 | % | | $ | 5,212,948 | | $ | 93,307 | | 7.12 | % | | $ | 4,949,954 | | $ | 85,761 | | 6.87 | % |
| Securities | 980,566 | | 7,310 | | 2.97 | % | | 924,012 | | 6,417 | | 2.76 | % | | 865,372 | | 5,193 | | 2.38 | % |
| Interest-Bearing Deposit in Other Banks | 346,035 | | 4,135 | | 4.75 | % | | 227,035 | | 3,017 | | 5.29 | % | | 271,004 | | 3,711 | | 5.43 | % |
| Total Interest Earning Assets | 7,237,784 | | 116,142 | | 6.38 | % | | 6,363,995 | | 102,741 | | 6.42 | % | | 6,086,330 | | 94,665 | | 6.17 | % |
| Allowance for Loan Losses | (52,130) | | | | | (41,554) | | | | | (40,996) | | | |
| Noninterest- Earning Assets | 535,684 | | | | | 466,203 | | | | | 449,527 | | | |
| Total Assets | $ | 7,721,338 | | $ | 116,142 | | | | $ | 6,788,644 | | $ | 102,741 | | | | $ | 6,494,861 | | $ | 94,665 | | |
| | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | |
| | | | | | | | | | | |
| Interest-Bearing Liabilities: | | | | | | | | | | | |
| Interest-Bearing Deposits | $ | 5,053,759 | | $ | 44,862 | | 3.53 | % | | $ | 4,308,780 | | $ | 41,303 | | 3.81 | % | | $ | 3,816,474 | | $ | 34,190 | | 3.55 | % |
| Subordinated Debt | 99,797 | | 1,331 | | 5.31 | % | | 99,854 | | 1,353 | | 5.39 | % | | 100,009 | | 1,320 | | 5.24 | % |
| Subordinated Debt - Trust Preferred Securities | 5,000 | | 107 | | 8.51 | % | | 5,000 | | 114 | | 9.07 | % | | 5,000 | | 113 | | 8.97 | % |
| Bank Term Funding Program | — | | — | | — | % | | — | | — | | — | % | | 300,000 | | 3,202 | | 4.23 | % |
| Advances from Federal Home Loan Bank (FHLB) | 373,236 | | 3,975 | | 4.24 | % | | 347,476 | | 3,723 | | 4.26 | % | | 213,280 | | 1,947 | | 3.62 | % |
| Other Borrowings | 21,569 | | 138 | | 2.55 | % | | 20,971 | | 134 | | 2.54 | % | | 20,772 | | 133 | | 2.54 | % |
| Total Interest-Bearing Liabilities | $ | 5,553,361 | | $ | 50,413 | | 3.61 | % | | $ | 4,782,081 | | $ | 46,627 | | 3.88 | % | | $ | 4,455,535 | | $ | 40,905 | | 3.64 | % |
| | | | | | | | | 4455535 | 40905 | 0.0364 |
| Noninterest-Bearing Liabilities: | | | | | | | | | | | |
| Noninterest-Bearing Deposits | $ | 1,292,623 | | | | | $ | 1,269,282 | | | | | $ | 1,368,452 | | | |
| Other Liabilities | 71,604 | | | | | 55,333 | | | | | 54,316 | | | |
| Total Noninterest-Bearing Liabilities | 1,364,227 | | | | | 1,324,615 | | | | | 1,422,768 | | | |
| Shareholders' Equity: | | | | | | | | | | | |
| Common Shareholders' Equity | 731,820 | | | | | 610,018 | | | | | 544,628 | | | |
| Preferred Equity | 71,930 | | | | | 71,930 | | | | | 71,930 | | | |
| Total Shareholders' Equity | 803,750 | | | | | 681,948 | | | | | 616,558 | | | |
| Total Liabilities and Shareholders' Equity | $ | 7,721,338 | | | | | $ | 6,788,644 | | | | | $ | 6,494,861 | | | |
| | | | | | | | | | | |
| Net Interest Spread | | | 2.77 | % | | | | 2.54 | % | | | | 2.53 | % |
| Net Interest Income | | $ | 65,729 | | | | | $ | 56,114 | | | | | $ | 53,760 | | |
| Net Interest Margin | | | 3.61 | % | | | | 3.51 | % | | | | 3.50 | % |
| | | | | | | | | | | |
| Overall Cost of Funds | | | 2.93 | % | | | | 3.07 | % | | | | 2.79 | % |
| Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention. |
| | | | | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Consolidated Net Interest Margin |
| (Unaudited) |
| | | | | | | |
| Twelve Months Ended |
| (Dollars in thousands) | December 31, 2024 | | December 31, 2023 |
| Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate | | Average Outstanding Balance | Interest Earned/Interest Paid | Average Yield/Rate |
| Assets | | | | | | | |
| | | | | | | |
| Interest Earning Assets: | | | | | | | |
| Total Loans | $ | 5,327,466 | | $ | 374,555 | | 7.03 | % | | $ | 4,859,637 | | $ | 323,327 | | 6.65 | % |
| Securities | 921,393 | | 25,259 | | 2.74 | % | | 898,771 | | 20,125 | | 2.24 | % |
| Interest-Bearing Deposit in Other Banks | 287,474 | | 14,950 | | 5.20 | % | | 180,997 | | 9,875 | | 5.46 | % |
| Total Interest Earning Assets | 6,536,333 | | 414,764 | | 6.35 | % | | 5,939,405 | | 353,327 | | 5.95 | % |
| Allowance for Loan Losses | (43,931) | | | | | (41,665) | | | |
| Noninterest- Earning Assets | 481,333 | | | | | 444,140 | | | |
| Total Assets | $ | 6,973,735 | | $ | 414,764 | | | | $ | 6,341,880 | | $ | 353,327 | | |
| | | | | | | |
| | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | |
| | | | | | | |
| Interest-Bearing Liabilities: | | | | | | | |
| Interest-Bearing Deposits | $ | 4,427,233 | | $ | 165,094 | | 3.73 | % | | $ | 3,566,216 | | $ | 106,908 | | 3.00 | % |
| Subordinated Debt | 99,884 | | 5,394 | | 5.40 | % | | 105,369 | | 5,323 | | 5.05 | % |
| Subordinated Debt - Trust Preferred Securities | 5,000 | | 447 | | 8.94 | % | | 5,000 | | 430 | | 8.60 | % |
| Bank Term Funding Program | 64,754 | | 2,788 | | 4.31 | % | | 253,706 | | 11,313 | | 4.46 | % |
| Advances from Federal Home Loan Bank (FHLB) | 317,462 | | 13,164 | | 4.15 | % | | 329,726 | | 13,702 | | 4.16 | % |
| Other Borrowings | 19,464 | | 494 | | 2.54 | % | | 21,825 | | 522 | | 2.39 | % |
| Total Interest-Bearing Liabilities | $ | 4,933,797 | | $ | 187,381 | | 3.80 | % | | $ | 4,281,842 | | $ | 138,198 | | 3.23 | % |
| | | | | | | |
| Noninterest-Bearing Liabilities: | | | | | | | |
| Noninterest-Bearing Deposits | $ | 1,285,445 | | | | | $ | 1,412,979 | | | |
| Other Liabilities | 56,649 | | | | | 44,173 | | | |
| Total Noninterest-Bearing Liabilities | 1,342,094 | | | | | 1,457,152 | | | |
| Shareholders' Equity: | | | | | | | |
| Common Shareholders' Equity | 625,914 | | | | | 530,956 | | | |
| Preferred Equity | 71,930 | | | | | 71,930 | | | |
| Total Shareholders' Equity | 697,844 | | | | | 602,886 | | | |
| Total Liabilities and Shareholders' Equity | $ | 6,973,735 | | | | | $ | 6,341,880 | | | |
| | | | | | | |
| Net Interest Spread | | | 2.55 | % | | | | 2.72 | % |
| Net Interest Income | | $ | 227,383 | | | | | $ | 215,129 | | |
| Net Interest Margin | | | 3.48 | % | | | | 3.62 | % |
| | | | | | | |
| Overall Cost of Funds | | | 3.01 | % | | | | 2.43 | % |
| | | | | | | |
| Note: Average outstanding balances are determined utilizing daily averages and an actual day count convention. |
| | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Non-GAAP Measures |
| (Unaudited) |
| | | | | | |
| Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
| | | | | | |
| Interest Income: | | | | | | |
| Interest income | $ | 116,142 | | $ | 102,741 | | $ | 94,665 | | | $ | 414,764 | | $ | 353,327 | |
| Core interest income | 116,142 | | 102,741 | | 94,665 | | | 414,764 | | 353,327 | |
| | | | | | |
| Interest Expense: | | | | | | |
| Interest expense | 50,413 | | 46,627 | | 40,905 | | | 187,381 | | 138,198 | |
| Core interest expense | 50,413 | | 46,627 | | 40,905 | | | 187,381 | | 138,198 | |
| | | | | | |
| Provision for Credit Losses: (b) | | | | | | |
| Provision for credit losses | 6,712 | | 1,665 | | 119 | | | 10,873 | | 4,483 | |
| CECL Oakwood impact (3) | (4,824) | | — | | — | | | (4,824) | | — | |
| Core provision expense | 1,888 | | 1,665 | | 119 | | | 6,049 | | 4,483 | |
| | | | | | |
| Other Income: | | | | | | |
| Other income | 11,857 | | 10,774 | | 6,413 | | | 44,193 | | 36,642 | |
| Gain on former bank premises and equipment | — | | — | | — | | | (50) | | — | |
| (Gain) loss on sale of securities | (21) | | 13 | | 2,503 | | | (7) | | 2,565 | |
| Gain on sale of branch | — | | — | | (13) | | | — | | (945) | |
| Gain on extinguishment of debt | — | | — | | — | | | — | | (1,458) | |
| Core other income | 11,836 | | 10,787 | | 8,903 | | | 44,136 | | 36,804 | |
| | | | | | |
| Other Expense: | | | | | | |
| Other expense | 49,570 | | 42,450 | | 39,714 | | | 177,652 | | 156,702 | |
| Acquisition-related expenses (2) | (168) | | (319) | | (63) | | | (1,621) | | (236) | |
| Wrtite-down on former bank premises | — | | | (432) | | | — | | (432) | |
| Core conversion expenses | (463) | | (511) | | — | | | (974) | | — | |
| Core other expense | 48,939 | | 41,620 | | 39,219 | | | 175,057 | | 156,034 | |
| | | | | | |
| Pre-Tax Income: (a) | | | | | | |
| Pre-tax income | 21,304 | | 22,773 | | 20,340 | | | 83,051 | | 90,586 | |
| CECL Oakwood impact (3) | 4,824 | | — | | — | | | 4,824 | | — | |
| Gain on former bank premises and equipment | — | | — | | — | | | (50) | | — | |
| (Gain) loss on sale of securities | (21) | | 13 | | 2,503 | | | (7) | | 2,565 | |
| Gain on sale of branch | — | | — | | (13) | | | — | | (945) | |
| Gain on extinguishment of debt | — | | — | | — | | | — | | (1,458) | |
| Acquisition-related expenses (2) | 168 | | 319 | | 63 | | | 1,621 | | 236 | |
| Wrtite-down on former bank premises | — | | | 432 | | | — | | 432 | |
| Core conversion expenses | 463 | | 511 | | — | | | 974 | | — | |
| Core pre-tax income | 26,738 | | 23,616 | | 23,325 | | | 90,413 | | 91,416 | |
| | | | | | |
| Provision for Income Taxes: (1) | | | | | | |
| Provision for income taxes | 4,816 | | 4,930 | | 4,516 | | | 17,944 | | 19,543 | |
| | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Non-GAAP Measures |
| (Unaudited) |
| | | | | | |
| Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
Tax on CECL Oakwood impact (3)
| 1,019 | | — | | — | | | 1,019 | | — | |
| Tax on gain on former bank premises and equipment | — | | — | | — | | | (11) | | — | |
| Tax on (gain) loss on sale of securities | (4) | | 3 | | 529 | | | (1) | | 542 | |
| Tax on gain on sale of branch | — | | — | | (3) | | | — | | (200) | |
| Gain on extinguishment of debt | — | | — | | — | | | — | | (308) | |
| Tax on acquisition-related expenses (2) | 6 | | — | | 1 | | | 97 | | 21 | |
| Tax on write-down on former bank premises | — | | — | | 91 | | | — | | 91 | |
| Tax on core conversion expenses | 97 | | 108 | | — | | | 205 | | — | |
| Core provision for income taxes | 5,934 | | 5,041 | | 5,134 | | | 19,253 | | 19,689 | |
| | | | | | |
| Preferred Dividends: | | | | | | |
| Preferred dividends | 1,350 | | 1,351 | | 1,350 | | | 5,401 | | 5,401 | |
| Core preferred dividends | 1,350 | | 1,351 | | 1,350 | | | 5,401 | | 5,401 | |
| | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Non-GAAP Measures |
| (Unaudited) |
| | | | | | |
| Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
| | | | | | |
| Net Income Available to Common Shareholders | | | | | | |
| Net income available to common shareholders | 15,138 | | 16,492 | | 14,474 | | | 59,706 | | 65,642 | |
| CECL Oakwood impact (3), net of tax | 3,805 | | — | | — | | | 3,805 | | — | |
| Gain on former bank premises and equipment, net of tax | — | | — | | — | | | (39) | | — | |
| (Gain) loss on sale of securities, net of tax | (17) | | 10 | | 1,974 | | | (6) | | 2,023 | |
| Gain on sale of branch, net of tax | — | | — | | (10) | | | — | | (745) | |
| Gain on extinguishment of debt, net of tax | — | | — | | — | | | — | | (1,150) | |
| Acquisition-related expenses (2), net of tax | 162 | | 319 | | 62 | | | 1,524 | | 215 | |
Write-down on former bank premises, net of tax
| — | | — | | 341 | | | — | | 341 | |
| Core conversion expenses, net of tax | 366 | | 403 | | — | | | 769 | | — | |
| Core net income available to common shareholders | $ | 19,454 | | $ | 17,224 | | $ | 16,841 | | | $ | 65,759 | | $ | 66,326 | |
| | | | | | |
| Pre-tax, Pre-provision Earnings Available to Common Shareholders (a+b) | $ | 28,016 | | $ | 24,438 | | $ | 20,459 | | | $ | 93,924 | | $ | 95,069 | |
| CECL Oakwood impact (3) | 4,824 | | — | | — | | | 4,824 | | — | |
| Gain on former bank premises and equipment | — | | — | | — | | | (50) | | — | |
| (Gain) loss on sale of securities | (21) | | 13 | | 2,503 | | | (7) | | 2,565 | |
| Gain on sale of branch | — | | — | | (13) | | | — | | (945) | |
| Gain on extinguishment of debt | — | | — | | — | | | — | | (1,458) | |
| Acquisition-related expenses (2) | 168 | | 319 | | 63 | | | 1,621 | | 236 | |
| Write-down on former premises | — | | | 432 | | | — | | 432 | |
| Occupancy and bank premises - storm repair | 463 | | 511 | | — | | | 974 | | — | |
| Core pre-tax, pre-provision earnings | $ | 33,450 | | $ | 25,281 | | $ | 23,444 | | | $ | 101,286 | | $ | 95,899 | |
| | | | | | |
| Average Diluted Common Shares Outstanding | 29,520,781 | | 23,395,614 | | 25,333,913 | | | 26,452,084 | | 25,296,200 | |
| | | | | | |
| Diluted Earnings Per Common Share | | | | | | |
| Diluted earnings per common share | $ | 0.51 | | $ | 0.65 | | $ | 0.57 | | | $ | 2.26 | | $ | 2.59 | |
| CECL Oakwood impact (3), net of tax | 0.13 | | — | | — | | | 0.14 | | — | |
| | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Non-GAAP Measures |
| (Unaudited) |
| | | | | | |
| Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
| Gain on former bank premises and equipment, net of tax | — | | — | | — | | | — | | — | |
| (Gain) loss on sale of securities, net of tax | — | | — | | 0.08 | | | — | | 0.08 | |
| Gain on sale of branch, net of tax | — | | — | | — | | | — | | (0.03) | |
| Gain on extinguishment of debt, net of tax | — | | — | | — | | | — | | (0.04) | |
| Acquisition-related expenses (2), net of tax | 0.01 | | 0.01 | | — | | | 0.06 | | 0.01 | |
Write-down on former premises, net of tax
| — | | — | | 0.01 | | | — | | 0.01 | |
| Core conversion expenses,net of tax | 0.01 | | 0.02 | | — | | | 0.03 | | — | |
| Core diluted earnings per common share | $ | 0.66 | | $ | 0.68 | | $ | 0.66 | | | $ | 2.49 | | $ | 2.62 | |
| | | | | | |
| Pre-tax, Pre-provision Diluted Earnings per Common Share | $ | 0.95 | | $ | 0.91 | | $ | 0.81 | | | $ | 3.55 | | $ | 3.76 | |
CECL Oakwood impact (3)
| 0.16 | | | | | 0.18 | | |
| Gain on former bank premises and equipment | — | | — | | — | | | — | | — | |
| (Gain) loss on sale of securities | — | | — | | 0.10 | | | — | | 0.10 | |
| Gain on sale of branch | — | | — | | — | | | — | | (0.04) | |
| Gain on extinguishment of debt | — | | — | | — | | | — | | (0.06) | |
| Acquisition-related expenses (2) | 0.01 | | 0.02 | | — | | | 0.06 | | 0.01 | |
| Write-down on former premises | | | 0.02 | | | | 0.02 | |
| Core conversion expenses | 0.02 | | — | | — | | | 0.04 | | — | |
| Core pre-tax, pre-provision diluted earnings per common share | $ | 1.14 | | $ | 0.93 | | $ | 0.93 | | | $ | 3.83 | | $ | 3.79 | |
| | | | | | |
| (1) Tax rates, exclusive of certain nondeductible merger-related expenses and goodwill, utilized were 21.129% for 2024 and 2023. These rates approximated the marginal tax rates. |
| (2) Includes merger and conversion-related expenses and salary and employee benefits. |
(3) CECL non-purchased credit deteriorated (PCD) provision/unfunded commitment expense attributable to Oakwood
|
| | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Non-GAAP Measures |
| (Unaudited) |
| | | |
| | | |
| (Dollars in thousands, except per share data) | December 31,
2024 | September 30,
2024 | December 31,
2023 |
| | | |
| Total Shareholders' (Common) Equity: | | | |
| Total shareholders' equity | $ | 799,466 | | $ | 699,524 | | $ | 644,259 | |
| Preferred stock | (71,930) | | (71,930) | | (71,930) | |
| Total common shareholders' equity | 727,536 | | 627,594 | | 572,329 | |
| Goodwill | (121,572) | | (91,527) | | (88,391) | |
| Core deposit and customer intangible | (17,252) | | (10,326) | | (11,895) | |
| Total tangible common equity | $ | 588,712 | | $ | 525,741 | | $ | 472,043 | |
| | | |
| | | |
| Total Assets: | | | |
| Total assets | $ | 7,857,090 | | $ | 6,888,649 | | $ | 6,584,550 | |
| Goodwill | (121,572) | | (91,527) | | (88,391) | |
| Core deposit and customer intangible | (17,252) | | (10,326) | | (11,895) | |
| Total tangible assets | $ | 7,718,266 | | $ | 6,786,796 | | $ | 6,484,264 | |
| | | |
| Common shares outstanding | 29,552,358 | | 25,519,501 | | 25,351,809 | |
| | | |
| Book value per common share | $ | 24.62 | | $ | 24.59 | | $ | 22.58 | |
| Tangible book value per common share | $ | 19.92 | | $ | 20.60 | | $ | 18.62 | |
| Common equity to total assets | 9.26 | % | 9.11 | % | 8.69 | % |
| Tangible common equity to tangible assets | 7.63 | % | 7.75 | % | 7.28 | % |
| | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Non-GAAP Measures |
| (Unaudited) |
| | | | | | |
| Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
| | | | | | |
| Total Quarterly Average Assets | $ | 7,721,338 | | $ | 6,788,644 | | $ | 6,494,861 | | | $ | 6,973,735 | | $ | 6,341,880 | |
| Total Quarterly Average Common Equity | $ | 731,820 | | $ | 610,018 | | $ | 544,628 | | | $ | 625,914 | | $ | 530,956 | |
| | | | | | |
| Net Income Available to Common Shareholders: | | | | | | |
| Net income available to common shareholders | $ | 15,138 | | $ | 16,492 | | $ | 14,474 | | | $ | 59,706 | | $ | 65,642 | |
| CECL Oakwood impact (3), net of tax | 3,805 | | — | | — | | | 3,805 | | — | |
| Gain on former bank premises and equipment, net of tax | — | | — | | — | | | (39) | | — | |
| (Gain) loss on sale of securities, net of tax | (17) | | 10 | | 1,974 | | | (6) | | 2,023 | |
| Gain on sale of branch, net of tax | — | | — | | (10) | | | — | | (745) | |
| Gain on extinguishment of debt, net of tax | — | | — | | — | | | — | | (1,150) | |
| Acquisition-related expenses, net of tax | 162 | | 319 | | 62 | | | 1,524 | | 215 | |
| Write-down on former bank premises, net of tax | | | 341 | | | — | | 341 | |
| Core conversion expenses, net of tax | 366 | | 403 | | — | | | 769 | | — | |
| Core net income available to common shareholders | $ | 19,454 | | $ | 17,224 | | $ | 16,841 | | | $ | 65,759 | | $ | 66,326 | |
| | | | | | |
| Return to common shareholders on average assets (annualized) (2) | 0.78 | % | 0.97 | % | 0.88 | % | | 0.86 | % | 1.04 | % |
| Core return on average assets (annualized) (2) | 1.00 | % | 1.01 | % | 1.03 | % | | 0.94 | % | 1.05 | % |
| Return to common shareholders on average common equity (annualized) (2) | 8.23 | % | 10.76 | % | 10.54 | % | | 9.54 | % | 12.36 | % |
| Core return on average common equity (annualized) (2) | 10.58 | % | 11.23 | % | 12.27 | % | | 10.51 | % | 12.49 | % |
| | | | | | |
| Interest Income: | | | | | | |
| Interest income | $ | 116,142 | | $ | 102,741 | | $ | 94,665 | | | $ | 414,764 | | $ | 353,327 | |
| Core interest income | 116,142 | | 102,741 | | 94,665 | | | 414,764 | | 353,327 | |
| Interest Expense: | | | | | | |
| Interest expense | 50,413 | | 46,627 | | 40,905 | | | 187,381 | | 138,198 | |
| Core interest expense | 50,413 | | 46,627 | | 40,905 | | | 187,381 | | 138,198 | |
| Other Income: | | | | | | |
| Other income | 11,857 | | 10,774 | | 6,413 | | | 44,193 | | 36,642 | |
| Gain on former bank premises and equipment | — | | — | | — | | | (50) | | — | |
| (Gain) loss on sale of securities | (21) | | 13 | | 2,503 | | | (7) | | 2,565 | |
| Gain on sale of branch | — | | — | | (13) | | | — | | (945) | |
| Gain on extinguishment of debt | — | | — | | — | | — | | — | | (1,458) | |
| Core other income | 11,836 | | 10,787 | | 8,903 | | | 44,136 | | 36,804 | |
| Other Expense: | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Business First Bancshares, Inc. |
| Non-GAAP Measures |
| (Unaudited) |
| | | | | | |
| Three Months Ended | | Twelve Months Ended |
| (Dollars in thousands, except per share data) | December 31,
2024 | September 30,
2024 | December 31,
2023 | | December 31,
2024 | December 31,
2023 |
| Other expense | 49,570 | | 42,450 | | 39,714 | | | 177,652 | | 156,702 | |
| Acquisition-related expenses | (168) | | (319) | | (63) | | | (1,621) | | (236) | |
| Write-down on former bank premises | — | | — | | (432) | | | — | | (432) | |
| Core conversion expenses | (463) | | (511) | | — | | | (974) | | — | |
| Core other expense | $ | 48,939 | | $ | 41,620 | | $ | 39,219 | | | $ | 175,057 | | $ | 156,034 | |
| | | | | | |
| Efficiency Ratio: | | | | | | |
| Other expense (a) | $ | 49,570 | | $ | 42,450 | | $ | 39,714 | | | $ | 177,652 | | $ | 156,702 | |
| Core other expense (c) | $ | 48,939 | | $ | 41,620 | | $ | 39,219 | | | $ | 175,057 | | $ | 156,034 | |
| Net interest and other income (1) (b) | $ | 77,565 | | $ | 66,901 | | $ | 62,676 | | | $ | 271,569 | | $ | 254,336 | |
| Core net interest and other income (1) (d) | $ | 77,565 | | $ | 66,901 | | $ | 62,663 | | | $ | 271,519 | | $ | 251,933 | |
| Efficiency ratio (a/b) | 63.91 | % | 63.45 | % | 63.36 | % | | 65.42 | % | 61.61 | % |
| Core efficiency ratio (c/d) | 63.09 | % | 62.21 | % | 62.59 | % | | 64.47 | % | 61.93 | % |
| | | | | | |
| Total Average Interest-Earnings Assets | $ | 7,237,784 | | $ | 6,363,995 | | $ | 6,086,330 | | | $ | 6,536,333 | | $ | 5,939,405 | |
| | | | | | |
| Net Interest Income: | | | | | | |
| Net interest income | $ | 65,729 | | $ | 56,114 | | $ | 53,760 | | | $ | 227,383 | | $ | 215,129 | |
| Loan discount accretion | $ | (997) | | $ | (705) | | $ | (1,921) | | | $ | (4,182) | | $ | (9,311) | |
| Net interest income excluding loan discount accretion | $ | 64,732 | | $ | 55,409 | | $ | 51,839 | | | $ | 223,201 | | $ | 205,818 | |
| | | | | | |
| Net interest margin (2) | 3.61 | % | 3.51 | % | 3.50 | % | | 3.48 | % | 3.62 | % |
| Net interest margin excluding loan discount accretion (2) | 3.56 | % | 3.46 | % | 3.38 | % | | 3.41 | % | 3.47 | % |
| Net interest spread (2) | 2.77 | % | 2.54 | % | 2.53 | % | | 2.55 | % | 2.72 | % |
| Net interest spread excluding loan discount accretion (2) | 2.72 | % | 2.50 | % | 2.40 | % | | 2.48 | % | 2.56 | % |
| | | | | | |
| (1) Excludes gains/losses on sales of securities. |
| (2) Calculated utilizing an actual day count convention. |
| (3) CECL non-PCD provision/unfunded commitment expense attributable to Oakwood |
Q4 and FY 2024 Results
2 TABLE OF CONTENTS Legal Disclosures 3 Guiding Principles & Social Impact 4– 5 Business First Bancshares, Inc. Overview 6 – 11 Liquidity and Deposits 12 Securities Portfolio 13 Branches & Noninterest Revenue 14 – 15 Financial Results Q4 2024 Financial Results 17 – 18 Stable Credit Performance 19 Yield/Rate Analysis 20 – 22 Loan Portfolio Operating Loan Growth 24 Loan Composition 25 – 28 Appendix 30 – 37
3 LEGAL DISCLOSURES Special Note Concerning Forward-Looking Statements This investor presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements in some cases through the Company’s use of words such as “believes,” “anticipates,” “expects,” “may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,” “intends,” “targets,” “estimates,” “projects,” “plans,” “potential” and other similar words and expressions of the future or otherwise regarding the Company’s future business and financial performance and/or the performance of the banking and mortgage industry and economy in general. Forward-looking statements are based on the information known to, and current beliefs and expectations of, the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation including, without limitation, the risks set forth in “Forward Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 1, 2024 (as may be amended in the Company’s Quarterly Reports on Form 10-Q). Many of these factors are difficult to foresee and are beyond the Company’s ability to control or predict. The Company believes the forward-looking statements contained herein are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. The Company does not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. Non-GAAP Financial Measures This presentation includes certain financial measures that are not measures recognized under U.S. generally accepted accounting principles (“GAAP”) and therefore are considered non-GAAP financial measures. The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance, financial condition and the efficiency of its operations. Management believes that these non-GAAP financial measures provide a greater understanding of the ongoing operations and enhance comparability of results with prior periods. The Company’s management also believes that investors find these non-GAAP financial measures useful as they assist investors in understanding the Company’s underlying operating performance and the analysis of ongoing operating trends. However, the non-GAAP financial measures discussed herein should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which the Company calculates the non-GAAP financial measures discussed herein may differ from the reporting measures with similar names as used by other companies. You should understand how such other banking organizations calculate their non-GAAP financial measures with names similar to the non-GAAP financial measures discussed herein when comparing such information. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix to this presentation.
4 GUIDING PRINCIPLES b1BANK’s five guiding principles reflect our core beliefs and values, which drive all decisions irrespective of our goals, strategies, or external factors. These tenets are more than guides for making business decisions; they are the core of our culture, driving our day-to-day interactions between employees and with our clients to make a positive impact on the communities we serve.
5 SOCIAL IMPACT 2024 Total Volunteerism: 6,073 Hours 518 hours of financial literacy education and non- profit service Partnership through b1BANK Financial Institutions Group Partner with Minority Deposit Institutions (MDI) by helping with correspondent banking services, specialized expertise, supplier network access and investment. Each partnership is unique based on the MDI’s needs. Through 2024: 14 bank partners 2021 Inception Through December 2024: Mentored 768 businesses Conducted training classes to help 3,100 entrepreneurs start or grow their business Project REACh b1 FOUNDATION b1COMMUNITY 6,073 Volunteer Hours 768 Businesses Mentored
6 BUSINESS FIRST BANCSHARES, INC. OVERVIEW Company Overview Ticker: BFST (Nasdaq) Market Capitalization: $759 million (as of December 31, 2024) Headquarters: Baton Rouge, Louisiana Franchise Highlights: • Diversified commercial-focused bank with $7.9 billion in assets and operations in Louisiana, Texas and Mississippi including; 39 legacy Louisiana full-service Banking Centers(5), two LPO/DPO offices, 15 metro-focused Texas Banking Centers and one registered investment advisory in Ridgeland, MS • #1 deposit market share in Louisiana for Louisiana-headquartered banks(1) • Texas markets represents 41% of credit exposure, as of 12/31/24 • Diversified deposit base with 128,819 accounts with an average balance of $50,546 and an organic deposit growth CAGR of ~17% since 4Q15(2) • Since 2018, completed three equity capital raises including IPO totaling $151.0 million of additional capital in addition to two subordinated debt issuances totaling $77.5 million • On October 1, 2024, Business First closed its previously announced acquisition of Oakwood Bancshares, Inc. (Oakwood) and its wholly-owned subsidiary, Oakwood Bank. Oakwood had approximately $862 million of total assets, $700 million of total loans, and $741 million of total deposits as of September 30, 2024 BFST operates 58 locations including 56 full-service Banking Centers(5) and 2 LPOs across Louisiana and Texas (1) Deposit market share is as of June 30, 2024, per FDIC data. (2) Jumbo deposits reflects total deposits of $250 thousand or greater. Deposit balances exclude Business First Bancshares Holding Company deposits with the Bank subsidiary and includes brokered deposits. (3) Non-GAAP financial measure. See appendix for applicable reconciliation. (4) Preliminary consolidated capital ratios as of December 31, 2024. (5) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. BFST Footprint *Dots above may not represent exact geographic location. Assets $7,857 Gross Loans Held for Investments $5,981 Deposits $6,511 Loan-to-Deposit Ratio 91.9% ROAA 0.78% ROACE 8.23% Core ROAA(3) 1.00% Core ROACE(3) 10.58% NPLs/Total Loans(HFI) 0.42% Tier 1 Risk-based Capital Ratio(4) 10.56% Tier 1 Leverage Ratio(4) 9.53% Total Risk-based Capital Ratio(4) 12.75% TCE/TA(3) 7.63% Financial Highlights of 4Q24 ($ millions)
7 EXECUTIVE MANAGEMENT Jude Melville Chairman, President and CEO Age: 50 Year Started at BFST: 2006 Philip Jordan EVP, Chief Banking Officer Age: 52 Year Started at BFST: 2008 Keith Mansfield EVP, Chief Operations Officer Age: 48 Year Started at BFST: 2016 Chad Carter EVP, Correspondent Banking Age: 41 Year Started at BFST: 2011 Gregory Robertson EVP, Chief Financial Officer Age: 53 Year Started at BFST: 2011 Heather Roemer SVP, Chief of Staff Age: 43 Year Started at BFST: 2009 Saundra Strong EVP, General Counsel Age: 47 Year Started at BFST: 2021 Kathryn Manning EVP, Chief Risk Officer Age: 37 Year Started at BFST: 2013 Warren McDonald EVP, Chief Credit Officer Age: 58 Year Started at BFST: 2006 Jerry Vascocu President, b1BANK(1) Age: 51 Year Started at BFST: 2022 (1) On October 17, 2024, Jerry Vascocu was promoted to President of b1BANK.
8 DIVERSIFIED FOOTPRINT Note: Dollars in millions. Financial data as of December 31, 2024. Deposit balances do not tie to consolidated figures as a result of wholesale deposits, timing differences and other items recorded at the corporate level. Loan amounts based on outstanding loan balance before accounting adjustments. (1) Banking Center count includes one standalone ITM. (2) Excludes standalone ITM from Deposits / Banking Center calculation. Dallas Fort Worth Region # of Banking Centers: 12 # of LPOs: 1 Total Loans: $2,013.0 Total Deposits: $1,148.4 Deposits / Banking Center: $95.7 Houston Region # of Banking Centers: 5 Total Loans: $457.5 Total Deposits: $550.8 Deposits / Banking Center: $110.2 Southwest Louisiana Region # of Banking Centers: 13 Total Loans: $583.6 Total Deposits: $1,155.3 Deposits / Banking Center: $88.9 Bayou Region # of Banking Centers: 6 Total Loans: $305.7 Total Deposits: $678.6 Deposits / Banking Center: $113.1 Greater New Orleans Region # of Banking Centers: 2 # of LPOs: 1 Total Loans: $848.8 Total Deposits: $374.9 Deposits / Banking Center: $187.4 Capital Region # of Banking Centers: 9 Total Loans: $775.2 Total Deposits: $934.0 Deposits / Banking Center: $103.8 North Louisiana Region # of Banking Centers(1): 9 Total Loans: $969.1 Total Deposits: $886.8 Deposits / Banking Center(2): $110.9
9 LONG-TERM PROFITABILITY Note: Dollars in millions, except for per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (1) $1 .2 2 $1 .7 4 $1 .6 4 $2 .5 3 $2 .3 2 $2 .5 9 $2 .2 6 $1.45 $1.80 $2.05 $2.61 $2.52 $2.62 $2.49 2018 2019 2020 2021 2022 2023 2024 EPS Core EPS $1 9. 68 $2 1. 47 $1 9. 88 $2 1. 24 $2 0. 25 $2 2. 58 $2 4. 62 $1 5. 34 $1 7. 31 $1 6. 80 $1 7. 71 $1 6. 17 $1 8. 62 $1 9. 92 $15.60 $17.12 $16.28 $17.77 $19.12 $21.25 $22.05 2018 2019 2020 2021 2022 2023 2024 BVPS TBVPS TBVPS (excl. AOCI) $1 4. 1 $2 3. 8 $3 0. 0 $5 2. 1 $5 2. 9 $6 5. 6 $5 9. 7 $16.8 $24.6 $37.5 $53.9 $57.6 $66.3 $65.8 2018 2019 2020 2021 2022 2023 2024 Net Income Core Net Income 71 .8 % 64 .4 % 67 .8 % 61 .8 % 65 .3 % 61 .6 % 65 .4 % 66.9% 63.4% 61.1% 60.6% 62.8% 61.9% 64.5% 2018 2019 2020 2021 2022 2023 2024 Efficiency Ratio Core Efficiency Ratio (1) (1) (1) (1) Diluted EPS Available to Common Shareholders Tangible Book Value Per Share Net Income Available to Common Shareholders Efficiency Ratio
10 (amount s in act uals) Non-Jumbo Deposit Accounts 15,312 15,539 15,608 41,064 37,508 90,963 89,359 97,740 101,546 125,255 Jumbo Deposit Accounts(1) 448 502 612 987 1,001 1,902 2,300 2,714 3,009 3,564 Total Deposit Accounts(1) 15,760 16,041 16,220 42,051 38,509 92,865 91,659 100,454 104,555 128,819 Avg. Total Deposit Account Bal. 57,375$ 58,151$ 65,076$ 41,234$ 46,275$ 38,946$ 44,483$ 47,986$ 50,201$ 50,546$ $904 $933 $1,056 $1,180 $1,782 $2,442 $4,077 $4,343 $5,249 $5,798 $554 $1,175 $477 $714 $904 $933 $1,056 $1,734 $1,782 $3,617 $4,077 $4,820 $5,249 $6,511 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Organic Deposits Acquired Deposits DEPOSIT GROWTH THROUGH ORGANIC AND M&A STRATEGY • Deposit strategy reflects consistent organic growth augmented with opportunistic M&A • Total deposit CAGR of ~25% since Q4’15 • Organic deposit CAGR of ~17% since Q4’15 (excluding acquired deposits)(2) • Acquired Texas Citizens and $477M in total deposits in 2022 • $266M organic growth in total deposits in 2022(2) 2022 Note: Dollars in millions, unless otherwise noted. Above deposit information reflects b1BANK bank-level balances. Jumbo deposits reflects total deposits of $250 thousand or greater. (1) b1BANK deposit accounts excludes 5 Business First Bancshares Holding Company accounts with the Bank subsidiary. (2) Includes brokered deposits. (3) Preliminary deposit balances as of 12/31/2024. • Acquired Pedestal and $1.2B in total deposits in 2020 • $660M organic growth in total deposits in 2020(2) 2020 • Acquired $554M deposits in 2018 (Minden & Richland) • $124M organic growth in total deposits in 2018(2) 2018 (3) 2024 • Acquired Oakwood and $714M in total deposits in 2024 • $549M organic growth in total deposits in 2024(2)
11 10-Year CAGR Total Assets 687$ 1,077$ 1,106$ 1,322$ 2,099$ 2,276$ 4,175$ 4,733$ 5,990$ 6,585$ 7,857$ 28% Core Net Income(1) 4.4$ 4.1$ 5.1$ 3.1$ 16.8$ 24.6$ 37.5$ 53.9$ 57.6$ 66.3$ 65.8$ 31% Core Diluted EPS(1) 0.72$ 0.73$ 0.70$ 0.39$ 1.45$ 1.80$ 2.05$ 2.61$ 2.52$ 2.62$ 2.49$ 13% Core ROAA(1) 0.58% 0.51% 0.45% 0.26% 1.00% 1.15% 1.09% 1.22% 1.05% 1.05% 0.94% --- Core Efficiency Ratio(1) 76.5% 77.6% 81.1% 77.7% 66.9% 63.4% 61.1% 60.6% 62.8% 61.9% 64.5% --- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Texas Citizens Bancorp • Closed 3/1/22 • $546MM in assets(3) • 6 locations acquired • $54.8MM deal value(3) • 131 days to close transaction PROVEN M&A TRACK RECORD Note: Dollars in millions, except per share data. (1) Non-GAAP financial measure. See appendix for applicable reconciliation. Core earnings measures exclude merger charges, gain/loss on sale of securities, gain/loss on sale of former bank branches, among other non- core items. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. Reflects TTM results as of December 31, 2024. (3) Reflects consolidated total assets and deal value at close. American Gateway • Closed 3/31/15 • $366MM in assets(3) • 10 locations acquired • $44.2MM deal value(3) • 250 days to close transaction Minden Bancorp • Closed 1/1/18 • $315MM in assets(3) • 2 locations acquired • $56.5MM deal value(3) • 87 days to close transaction Richland State Bancorp • Closed 11/30/18 • $307MM in assets(3) • 8 locations acquired • $44.7MM deal value(3) • 179 days to close transaction Pedestal Bancshares • Closed 5/1/20 • $1.26B in assets(3) • 22 locations acquired • $128.3MM deal value(3) • 100 days to close transaction • BFST has a proven M&A track record and has successfully closed and integrated six whole-bank acquisitions and one non-bank RIA acquisition since 2015 • Most recent ability to close was proven with Oakwood Bancshares transaction, which was announced on April 25, 2024, and closed on October 1, 2024 • 28% total asset CAGR, 31% core net income CAGR, and 13% core EPS CAGR since commencing BFST’s M&A strategy • Significant improvement in profitability over the last ~10 years, with core ROAA improving from 0.58% in 2014 to 0.94%(2) and core efficiency ratio improving from 76.5% to 64.5%(2) over the same timeframe Oakwood Bancshares • Closed 10/1/24 • $862MM in assets(3) • 6 locations acquired • $102.0MM deal value(3) • 159 days to close transaction
12 LIQUIDITY AND DEPOSITS Deposit Composition Non-Interest Bearing NOW & Int. Bearing DDA MMDA & Savings Time Deposits • Continued to carry higher cash balances to support liquidity, with 6.58% of total assets at 12/31/2024. • Remain focused on core deposits, which represent over 86% of total deposits. • Continue to take advantage of wholesale funding alternatives to optimize interest costs and liquidity, utilizing FHLB and the brokered deposit market. • Ample contingent liquidity available of over $3.4 billion at 12/31/2024, to supplement core deposit growth as needed. $6.51B Note: Dollars in millions. Data as of December 31, 2024. Historical Deposit Composition Liquidity Sources FHLB Borrowings Capacity 1,313$ Unencumbered Securities 513$ Cash Reserves 319$ Fed Funds Sold 198$ Fed Funds Lines Available 160$ FRB Discount Window 908$ Total 3,411$
13 SECURITIES PORTFOLIO AFS Securities Portfolio• Portfolio serves as a source of on-balance sheet liquidity and provides interest income stability during times of declining rates. • With the relatively high-rate environment, the Bank is reinvesting portfolio cash flows and taking opportunities to modestly grow the portfolio as liquidity allows. • Total portfolio as of 4Q24 was $973.4 million in AFS, of which agency mortgage-backed securities (MBS) and A-rated municipal securities were the largest components. - 4Q24 weighted average yield of 2.60% - Weighted average life of 4.63 years - Estimated effective duration of 3.79 years $973.4M Note: Dollars in millions. Data as of December 31, 2024. Book Market Net Unrealized Value Value Gain / (Loss) Municipal Securities 313.4$ 284.4$ (29.1)$ Mortgage-Backed Securities 584.3 537.7 (46.6)$ Corporate & Other Securities 47.9 45.2 (2.7)$ U.S. Government Agencies / Treasuries 27.8 26.2 (1.6)$ Total AFS Securities 973.4$ 893.5$ (79.9)$ Deferred Tax Impact 16.9$ Other Equities Unrealized Gain/Loss -$ Accumulated Other Comprehensive Income/Loss (63.0)$
14 Data Source: S&P Global Market Intelligence. (1) Reflects b1BANK branch network, including all acquired, closed/divested, and de novo Banking Centers. (2) Includes four legacy b1BANK locations that converted from LPO to full-service Banking Centers. Includes six DFW Banking Centers. (3) Includes one closed full-service Banking Center in Rayville, LA that maintains an active ITM. (4) Excludes one location sold by Pedestal prior to closing. (5) Excludes active LPOs and Rayville, LA standalone ITM from calculation. (6) Represents aggregate growth in average noninterest bearing deposits per Banking Center from December 31, 2014, to December 31, 2024. Excludes active LPOs and Rayville, LA standalone ITM from calculation. OPTIMIZING BRANCH NETWORK AND INFRASTRUCTURE INVESTMENTS 6 full-service Banking Centers ~$98MM avg. total deposits per Banking Center December 31, 2014 54 acquired Banking Centers 7 De Novo Banking Centers 7 De Novo LPOs (4 LPOs converted to full-service, 1 LPO consolidated into existing Banking Center) 2 legacy b1BANK Banking Centers closed 1 LPO consolidated into existing location 10 acquired Banking Centers closed 3 acquired Banking Centers sold for a gain 56 Banking Centers(3) 2 active LPOs ~$118MM avg. total deposits per Banking Center(5) ~36% increase in average NIB deposits per Banking Center(6) December 31, 2024 6 Locations 58 Locations 68 Added BFST Footprint(1) 16 Closed or Sold American Gateway (6 active / 4 closed) Pedestal (17 active / 1 Sold / 4 closed(4)) Minden (2 active / 0 closed) Texas Citizens (5 active / 1 closed) Richland (5 active(3) / 2 sold / 1 closed) Oakwood (6 active / 0 closed) Closed, Sold, or Consolidated (2 legacy / 13 acquired / 1 De Novo LPO) Loan Production Office (LPO) (2 active / 1 consolidated) Banking Center Activity – 4Q24 Closed the acquisition of Oakwood Bancshares, adding 4 metro-Dallas locations, 1 West Texas location, and 1 location in Oakwood, TX Snyder, TX b1BANK (Organic / De Novo) (15 active(2) / 2 closed)
15 SMITH SHELLNUT WILSON (SSW) • April 1, 2021 – Smith Shellnut Wilson, LLC (SSW) was acquired by b1BANK and operates as a wholly-owned affiliate of b1BANK • SSW was founded in 1995 and offers investment advisory services, which includes discretionary and non-discretionary management of investment portfolios for a variety of clients including financial institutions, municipalities, high-net worth individuals, trusts and business entities • As of December 31, 2024, SSW maintained ~$6.87 billion in AUM(1), which includes negative impact of AOCI (~$5.57 billion bank AUM(1), ~$1.30 billion non-bank AUM) • For 4Q24, 40% of total AUM fees were represented by banks and credit unions and SSW provided portfolio management services for 51 bank clients FINANCIAL INSTITUTIONS GROUP (FIG) • September 2020, b1BANK announced the formation of its Financial Institutions Group (FIG) • The FIG team is headquartered in Dallas and responsible for correspondent banking activities including loan participations and deposit gathering initiatives • FIG currently maintains $564 million in total loan participations sold(2) and has generated $242 million(3) in total deposits through a relationship network of ~100 bank counterparties WATERSTONE LSP February 1, 2024 – Waterstone LSP was acquired by b1BANK and operates as a wholly- owned affiliate as a comprehensive resource for streamlined SBA lending. Waterstone opti- mizes partner banks’ SBA lending capabilities and achieves growth objectives with the following services: Strategic Planning: Collaborate with client’s leadership to tailor an SBA lending strategy aligned with the institution’s goals Efficient Loan Management: Waterstone’s platform simplifies pre-qualification, underwriting, packaging, and closing, accelerating the loan cycle and minimizing workload Professional Servicing & Liquidation: Handle monthly reporting, remittances, payment processing, and all servicing actions diligently, ensuring compliance and efficiency Snapshot as of December 31, 2024: 21 banks under LSP Agreements 4Q24 loan closing volume of $19.1 million (includes $14.0 million of b1BANK loan closings) 4Q24 active pipeline of ~$30 million INTEREST RATE SWAPS November 2023, b1BANK announced the formation of its Derivative Solutions Group, providing a full suite of interest rate hedging products offered to our commercial borrowers, including, but not limited to; interest rate swaps, caps, floors, collars, cancellable swaps. We expect to expand into our institutional client base. Overview / Benefits • Protects b1BANK’s balance sheet from interest rate risk and generates fee income • Allows b1 bankers to compete effectively with larger regional and national banks who offer same product line, primarily, customer-level back-to-back rate swaps 4Q24 YTD PRODUCTION • 30 total trades • $112.5 million in total loan notional from back-to-back client swaps generated ~$2.3 million in fee income NONINTEREST REVENUE OPPORTUNITIES (1) Includes bank and credit union AUM. Excludes b1BANK securities portfolio and TruPs/CDs included in client portfolios. (2) Does not necessarily include total production/volume since inception. (3) Reflects average total deposits for FY 2024. • The FIG sales team was also instrumental in BFST’s 1Q21 self- managed $52.5 million subordinated debt offering and the 3Q22 self- managed $72.0 million preferred equity raise
16 Financial Results
17 (1) Non-GAAP financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 12/31/2024. (3) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. QUARTERLY FINANCIAL HIGHLIGHTS • Net interest margin excluding loan discount accretion increased 10 bps through continued pricing discipline with new and renewed loan originations while managing rate reductions on interest-bearing deposits. • Weighted average loan originations continued to hold strong in December at 7.58%. • The weighted average rate of new interest-bearing non-maturity deposits were 3.86% in December down from 4.52% in September. • Investments in Non-interest income revenue initiatives continue to show early signs of success with Swap revenue of $1.3 million during Q4. 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 Diluted Earnings per Common Share $0.57 $0.48 $0.62 $0.65 $0.51 ROAA 0.88 % 0.74 % 0.95 % 0.97 % 0.78 % ROACE 10.54 8.51 10.94 10.76 8.23 Net Interest Margin 3.50 3.32 3.45 3.51 3.61 Efficiency Ratio(1) 63.36 69.80 65.14 63.45 63.91 Net Income Available to Common Shareholders in thousands $14,474 $12,220 $15,856 $16,492 $15,138 Core Pre-Tax, Pre-Provision Income(1) in thousands $23,444 $19,061 $23,494 $25,281 $33,450 Core Diluted Earnings Per Common Share(1) $0.66 $0.50 $0.64 $0.68 $0.66 Core ROAA(1) 1.03 % 0.77 % 0.98 % 1.01 % 1.00 % Core ROACE(1) 12.27 8.92 11.22 11.23 10.58 Net Interest Margin excluding loan discount accretion(1) 3.38 3.27 3.34 3.46 3.56 Core Efficiency Ratio(1) 62.59 68.68 64.50 62.21 63.09 Tier 1 Leverage Ratio(2) 9.52 % 9.38 % 9.49 % 9.61 % 9.53 % Total Risk-Based Capital Ratio(2) 12.85 % 12.78 % 12.88 % 12.99 % 12.75 % Tangible Common Equity / Tangible Assets(1) 7.28 % 7.19 % 7.43 % 7.75 % 7.63 % Tangible Book Value Per Share(1) $18.62 $18.61 $19.22 $20.60 $19.92 NPLs / Loans (Excl. TDRs)(3) 0.34 % 0.43 % 0.43 % 0.50 % 0.42 % Allowance for Credit Losses / Loans (Excl. HFS) 0.88 0.88 0.86 0.86 0.98 ACL + FV Discount on Acquired Lns/ Loans (Excl. HFS) 1.12 1.10 1.05 1.04 1.18 NCOs / Average Loans 0.02 0.01 0.03 0.02 0.03 Asset Quality Profitability Capital For the Quarter Ended,
18 BALANCE SHEET HIGHLIGHTS (1) Preliminary consolidated capital ratios as of December 31, 2024. (2) Non-GAAP financial measure. See appendix for applicable reconciliation. For the quarter ended, $ millions 12/31/2024 9/30/2024 12/31/2023 Gross Loans (Excl. HFS) $5,981.4 15% 20% ACL + Fair Value Discount on Acquired Loans $70.6 31% 27% Investment Securities $893.5 -2% 2% Deposits $6,511.3 15% 24% Borrowings $483.3 -2% -24% Total Equity $799.5 14% 24% Balance Sheet Ratios, $ actual 12/31/2024 9/30/2024 12/31/2023 Total Risk-Based Capital Ratio(1) 12.75 % 12.99 % 12.85 % Tangible Common Equity / Tangible Assets(2) 7.63 % 7.75 % 7.28 % Tangible Book Value Per Share(2) $19.92 $20.60 $18.62 Gross Loans (Excl. HFS) / Deposits 91.86 % 92.54 % 95.12 % Actual Change vs. Q4'24 Highlights Organic loan growth of 1.20% for the quarter (4.79% Annualized) led by C&I ($54.3 million) and Residential Real Estate ($20.8 million). Overall loan growth for the quarter was 14.58% (58.02% Annualized) including organic and acquired loans from Oakwood Bank. Organic growth was headlined by our Southwest Louisiana and Greater New Orleans regions. Organic loan growth for 2024 was $291.0 million (5.83%). Our Texas exposure increased to 41% of the overall loan portfolio. Deposits increased $870.4 million (15.43%, or 61.38% Annualized) during Q4 mostly attributable to acquired deposits from Oakwood Bank coupled with $156.8 million organic deposit growth. Organic deposit growth for 2024 was $548.9 million (10.46%). ACL + Fair Value Discount on acquired loans as a percentage of total loans of 1.18%. The increase was largely attributable to the initial acquisition of Oakwood Bank. Loan purchase discount increased by approximately $3.1 million. The quarterly decrease in fair market value was due to negative fair value adjustments ($21.4 million). Year-over-year shift was due to focus on organic deposit growth, measured loan growth, and acquisition of Oakwood Bank. Borrowings decreased $10.3 million for the quarter due to a reduction in short-term FHLB advances. The year-over-year decline of $151.8 million was mostly due to the payoff of a $300.0 million BTFP advance in March. Increase in equity for the quarter of $99.9 million of which $103.8 million was driven by the acquisition of Oakwood Bank coupled with $15.1 million net income available to common shareholders, and a $16.9 million decrease in AOCI for Q4. Highlights Stability for the quarter and year are due to retention of earnings partially offset by negative AOCI changes for the quarter. TBV decreased from the linked quarter and is attributed to $15.1 million net income available to common shareholders and offset by a $16.9 million decrease in AOCI. The slight decline in the risk-based capital ratio was attributable to the Oakwood acquisition in 4Q24.
19 ACL & FV Discount(3) Past Due Loans(1) Note: Dollars in millions. Peer average based on average of last five quarters ending 3Q24, Gulf South Peer Group defined as: FBMS, FGBI, HBCP, ISTR, OBK, RRBI, GNTY, VBTX, TCBX, STEL. (1) Past due loans include balances past due 30 days or more and not on a nonaccrual status. (2) Nonperforming loans include loan balances past due 90 days or more as well as loans on a nonaccrual status. (3) Total Loans includes SBA PPP loan balances. STABLE CREDIT PERFORMANCE Nonperforming Loans(2) Net Charge-offs
20 3.50% 3.32% 3.45% 3.51% 3.61% 3.38% 3.27% 3.34% 3.46% 3.56% 3.55% 3.76% 3.85% 3.81% 3.53% 2.64% 2.85% 2.96% 2.95% 2.81% 6.87% 6.88% 7.07% 7.12% 7.05% 5.50% 5.50% 5.50% 5.00% 4.50% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 NIM NIM ex. Accretion Cost of Int. Bearing Deposits Total Cost of Deposits Loan Yield Target Fed Funds Rate Note: Data is as of December 31, 2024. Chart based on GAAP data. (1) NIM excluding loan discount accretion is a non-GAAP financial measure and excludes the accretion of the loan discount on acquired loans. See appendix for applicable reconciliation. YIELD / RATE ANALYSIS (1)
21 Note: Dollars in millions; amounts may not total due to rounding. Betas are estimates that reflect the deposit portfolio composition as of December 31, 2024, based on analysis of BFST deposit pricing in prior cycles. (1) Core CDs exclude brokered deposits and CDARs. (2) Reflects consolidated deposit balances as of December 31, 2024, for b1BANK only. (3) Reflects weighted average rate as of month-end, December 31, 2024. ESTIMATED DEPOSIT BETA IN EASING RATE CYCLE Approx. Beta in Easing Cycle Weighted Avg. Rate(3) $ Amount of Deposits % of DepositsDeposit Portfolio(2) (as of 12/31/24) -%-%$1,353.220.8%Non-Interest Bearing Deposits 45 - 55%3.23%$439.96.8%Core Time Deposits 55 - 65%4.66%$619.49.5%High Beta/Special CDs 100%4.60%$533.18.2%Brokered Deposits 25 - 35%2.09%$738.011.3%Low Beta/Standard Non-Maturity Deposits 70 - 80%3.20%$2,827.743.4%Higher Beta Non-Maturity Deposits 45 - 55%2.66%$6,511.3100.0%Total Deposits • Internal modeling implies an estimated total deposit beta of 45% – 55%, in the near-term downward rate cycle • Opportunity to improve pre-tax earnings with a low single-digit expansion in the Core NIM under the 25 bps reduction scenario, assuming a static balance sheet over the next twelve months • Overall Core CD balance(1) retention rate increased to 90% during December, up from 83% in September • $126 million remaining Core CD balances(1) will mature in 1Q25, with $113 million maturing in 2Q25
22 Loan Portfolio HFI Note: Dollars in millions. Data is as of December 31, 2024. Loan balances are before accounting adjustments. (1) Reflects weighted average stated rate for the month-end for each period indicated. (2) Includes adjustable-rate loans. • 42.6% of total loans HFI are floating rate - 98.9% of floating-rate loans would reprice immediately with another +0.25% shift in interest rates • 75.3% of floating-rate loans float on the WSJ Prime Daily Index • 56.8% of total loans HFI are fixed rate - 10.6% of fixed-rate loans mature within the next 12 months(2) LOAN PORTFOLIO OVERVIEW – REPRICING OPPORTUNITY Maturities by Loan Type Outstanding Balance Weighted ($MM) (% of Total) Avg. Rate(1) Fixed Rate Loans (mature/reprice > 1 year) 2,802.8$ 46.8% 5.66% Fixed Rate Loans (mature/reprice < 1 year) 596.5 10.0% 6.43% Floating Rate with Floors 1,198.0 20.0% 7.71% Floating Rate without Floors 1,351.9 22.6% 7.78% Adjustable Rate Loans 37.3 0.6% 5.65% Total 5,986.6$ 100.0% 6.63% 46.8% 10.0% 20.0% 22.6% 0.6% 53.2% of total loans HFI are floating / variable rate or fixed rate maturing/repricing within the next 12-months 98.9% of all floating- rate loans would reprice immediately with another +0.25% shift in interest rates Fixed Rate Loans Maturing Beyond 1-Year (dollars in millions) Q1'26 FY 2026 FY 2027 FY 2028 > FY 2028 C&D 4.4$ 17.7$ 93.0$ 10.3$ 36.1$ Owner-Occupied CRE 23.9 96.4 157.9 115.2 300.9 Income Producing CRE 26.9 169.5 311.0 103.6 217.0 C&I 11.1 56.7 97.0 91.3 235.5 Agricultural 0.2 0.8 0.9 0.7 3.2 Farmland 0.2 6.4 5.7 12.7 27.2 1-4 Family 9.5 74.3 83.4 55.2 218.3 Consumer & Other 27.5 61.4 84.6 20.3 38.3 Total 103.6$ 483.3$ 833.6$ 409.4$ 1,076.4$ Weighted Avg. Rate 5.11% 5.31% 5.22% 6.88% 5.71% Fixed Rate Loans Maturing within the next 12-Months NTM (dollars in millions) Q1'25 Q2'25 Q3'25 Q4'25 Total C&D 34.2$ 24.7$ 17.5$ 3.6$ 80.0$ Owner-Occupied CRE 40.0 10.2 24.4 6.8 81.4 Income Producing CRE 44.4 10.4 9.3 14.2 78.3 C&I 109.4 40.1 19.1 13.3 181.9 Agricultural 24.5 5.5 2.3 0.3 32.6 Farmland 0.8 5.5 1.5 0.1 7.9 1-4 Family 16.2 24.5 16.7 20.6 78.0 Consumer & Other 18.6 21.3 2.8 13.8 56.4 Total 288.1$ 142.1$ 93.6$ 72.8$ 596.5$ Weighted Avg. Rate 7.13% 5.91% 5.90% 5.36% 6.43% All Floating Rate Loans, Maturing, (dollars in millions) Q1'25 FY 2025 FY 2026 FY 2027 > FY 2027 C&D 107.8$ 233.6$ 98.2$ 37.3$ 58.4$ Owner-Occupied CRE 8.1 26.0 22.8 29.8 218.9 Income Producing CRE 40.4 84.6 90.7 56.3 196.1 C&I 159.4 464.9 211.3 50.3 248.9 Agricultural 10.0 24.9 0.1 0.8 2.1 Farmland 22.0 44.4 7.9 11.3 15.2 1-4 Family 11.0 32.9 14.0 9.5 96.3 Consumer & Other 43.1 79.4 27.2 19.9 36.3 Total 401.6$ 990.5$ 472.2$ 215.1$ 872.1$ Weighted Avg. Rate 8.03% 7.92% 7.87% 8.05% 7.41% (1) (1) (1)
23 Loan Portfolio
24 Note: Data is as of December 31, 2024. Dollars in millions. Loan balances are before accounting adjustments. (1) Net operating loans are defined as loans per the general ledger, excluding deferred costs/fees, corporate and other, overdrafts and loan premium/discount. OPERATING LOAN GROWTH Loan Composition by Region 13.0% 16.3% 9.8% 5.1% 14.3% 33.8% 7.7% 0 1,000 2,000 3,000 4,000 5,000 6,000 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 Capital North Louisiana Southwest Louisiana Bayou Greater New Orleans Dallas Houston FY 2024 Loan Growth Waterfall 12/31/23 12/31/24
25 Note: Loan composition as of December 31, 2024, based on preliminary FDIC call report data. LOAN COMPOSITION $5.98 billion Total Loan Portfolio Composition Top 5 Exposure Categories Outstanding Unfunded Average NPLs % of Balance Commitment Loan Size Total Loans Commercial $1.77 billion $754 million $389 thousand 0.45% CRE - Owner-Occupied $1.05 billion $45 million $876 thousand 0.26% CRE - Non Owner-Occupied $1.3 billion $54 million $1.97 million 0.07% Construction & Land $671 million $244 million $592 thousand 0.78% 1-4 Family $573 million $6 million $205 thousand 1.09% Total $5.36 billion $1.1 billion $806 thousand 0.54%
26 LOAN COMPOSITION: COMMERCIAL Note: Data is as of December 31, 2024. Percentages based on loan balances before accounting adjustments. • Commercial loans represent 29.6% of the total loan portfolio • Total commercial loan growth year-over-year of 37.5% driven by regional growth in New Orleans, North Louisiana, and Southwest Louisiana as well as Dallas Fort Worth with the acquisition of Oakwood. • Weighted average maturity of the commercial portfolio is 2.62 years Commercial Loans by Collateral Commercial Loans by Region
27 C&D by Geography(1) C&D Portfolio Dallas, TX 18.9% Baton Rouge, LA 13.8% Hammond, LA 9.0% Covington, LA 6.9% Celina, TX 3.0% New Orleans, LA 2.8% Plain Dealing, LA 2.8% Lake Charles, LA 2.6% Houston, TX 2.5% Frisco, TX 2.3% All Other Geographies 35.6% Total C&D 100.0% 18.9% 13.8% 9.0% 6.9% 3.0% 2.8% 2.8% 2.6% 2.5% 2.3% 35.6% CRE Composition - Income Producing Income Producing CRE Portfolio Hotel/Motel 15.2% Office Building 22.6% Office/Warehouse 3.1% Warehouse 9.0% Retail - Single-Tenant 8.2% Retail - Multi-Tenant 25.4% Commercial Building 7.5% Other 9.0% Total CRE - Income Producing 100.0% 15.2% 22.6% 3.1% 9.0% 8.2% 25.4% 7.5% 9.0% CRE Composition - Owner Occupied Owner Occupied CRE Portfolio Hotel/Motel 0.7% Office Building 31.0% Office/Warehouse 23.9% Retail 15.6% Commercial Building 10.6% Other 18.1% Total CRE - Owner Occupied 100.0% 0.7% 31.0% 23.9% 15.6% 10.6% 18.1% C&D Composition C&D Portfolio Raw Land 9.7% Vacant Residential Lots 9.6% Vacant Commercial Lots 14.2% Land Development - Residential 16.8% Residential Construction - OORE 5.5% Residential Construction - Non OORE 10.2% Commercial Construction - Retail 5.1% Commercial Construction - Office 7.0% Commercial Construction - Apartment/Multi-Family 12.7% Commercial Construction - Other 9.1% Total C&D 100.0% 9.7% 9.6% 14.2% 16.8% 5.5% 10.2% 5.1% 7.0% 12.7% 9.1% Note: Dollars in millions. Data is as of December 31, 2024. Percentages based on loan balances before accounting adjustments. (1) Geographic composition detail reflects borrower zip code on file in loan source files. Does not necessarily reflect zip code or location of loan collateral. Loan balances include Oakwood totals within Dallas geography. (2) Represents the largest loan in each portfolio net of balances sold to other institutions. (3) Represents the outstanding principal balance of all loans maturing between January 1, 2025, through December 31, 2025. LOAN COMPOSITION: COMMERCIAL REAL ESTATE C&D Highlights • $670.5 million total portfolio • $37.2 million largest relationship(2) • $594 thousand average loan size • $333.9 million maturing over the next 12-months(3) • Dallas, Baton Rouge and Hammond represent top 3 geographies within C&D and comprise 41.6% of all C&D loans or $278.8 million Owner-Occupied Highlights • $1.05 billion total portfolio • $14.67 million largest relationship(2) • $879 thousand average loan size • $95.4 million maturing over the next 12- months(3) • Dallas, Baton Rouge and Houston represent top 3 geographies within owner-occupied and comprise 27.6% of all owner-occupied loans or $288.2 million Income Producing Highlights • $1.30 billion total portfolio • $28.0 million largest relationship(2) • $1.98 million average loan size • $109.3 million balance maturing over the next 12-months(3) • Dallas, Baton Rouge and Covington represent top 3 geographies within income producing and comprise 38.0% of all income producing loans or $493.7 million $670.5 million $1.05 billion $1.30 billion $670.5 million $1.05 billion $1.30 billion
28 Office CRE – Income-Producing by Geography(1)(2) Office CRE – Owner-Occupied by Geography(1)(2) Office C&D by Geography(1)(2) Note: Dollars in millions, unless otherwise noted. Above loan balances reflect outstanding principal bank balance, net of loan participations, as of December 31, 2024. Loan balances exclude acquired Oakwood loans due to differences between legacy b1BANK and legacy Oakwood Bank loan system classifications. (1) Geographic composition detail reflects borrower zip code on file in loan source files. Does not necessarily reflect zip code or location of loan collateral. (2) Office C&D, Owner-Occupied CRE, and Income-Producing CRE office detail exclude office warehouse loans. LOAN COMPOSITION: OFFICE LENDING BY GEOGRAPHY 59.1% 22.1% 15.8% 3.1% Office C&D Dallas, TX 59.1% Baton Rouge, LA 22.1% Plano, TX 15.8% Houma, LA 3.1% Total Office C&D 100.0% $622.5MM Total C&D $19.8MM Office C&D 10.8% 9.5% 6.4% 5.6% 4.8% 63.0% Owner Occupied Office CRE Baton Rouge, LA 10.8% Cov ington, LA 9.5% Houston, TX 6.4% Lafayette, LA 5.6% Houma, LA 4.8% Other Geographies 63.0% Total OO Office CRE 100.0% $308.0MM Owner Occupied Office CRE $971.5MM Owner Occupied CRE 28.4% 19.1% 14.0% 7.4% 5.4% 25.7% $1.16B Income Producing CRE $269.2MM Income Producing Office CRE Income Producing Office CRE Dallas, TX 28.4% Houston, TX 19.1% Baton Rouge, LA 14.0% Metairie, LA 7.4% Shreveport, LA 5.4% Other Geographies 25.7% Total Inc. Prod. Office CRE 100.0% 23.1% Income Producing Office CRE 76.9% All Other Income Producing CRE 68.3% All Other Owner Occupied CRE 31.7% Owner Occupied Office CRE 96.8% All Other C&D 3.2% Office C&D Office C&D Highlights • $19.8 million total office C&D portfolio comprised of 10 loans in 4 distinct geographies throughout Texas and Louisiana • Largest C&D office loan is a $10.0 million credit in Dallas, TX • 100.0% of the office C&D portfolio is risk rated as pass watch or better Office CRE Owner-Occupied Highlights • $308.0 million total office CRE owner- occupied portfolio comprised of 359 loans in 100 distinct geographies throughout Texas and Louisiana • Largest office CRE owner-occupied loan is a $14.6 million credit in Grapevine (DFW), TX • 99.7% of the office CRE – owner-occupied portfolio is risk rated as pass watch or better Office CRE Income Producing Highlights • $269.2 million total office CRE income- producing portfolio comprised of 158 loans in 52 distinct geographies throughout Texas and Louisiana • Largest office CRE income producing loan is a $28.0 million credit in Houston, TX • 99.8% of the office CRE – income- producing portfolio is risk rated as pass watch or better (1)(2) (1)(2) (1)(2)
29 APPENDIX
30 Note: Dollars in thousands. As of December 31. (1) Non-GAAP Financial measure. See appendix for applicable reconciliation. (2) Preliminary consolidated capital ratios as of 12/31/2024. Total Capital Ratio not available for FY 2020 due to the bank’s use of the Community Bank Leverage Ratio. (3) Excludes SBA PPP loans. (4) Calculated at the bank level based on preliminary FDIC call report data. (5) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. HISTORICAL FINANCIAL SUMMARY 2019 2020 2021 2022 2023 2024 Balance Sheet & Capital Total Assets $2,273,835 $4,160,360 $4,726,378 $5,990,460 $6,584,550 $7,857,090 Gross Loans (Excl. HFS) 1,710,265 2,991,355 3,189,608 4,606,176 4,992,785 5,981,399 Deposits 1,782,010 3,616,679 4,077,283 4,820,345 5,248,790 6,511,331 Total Equity 285,097 409,963 433,368 580,481 644,259 799,466 Tangible Common Equity / Tangible Assets(1) 10.36 % 8.45 % 7.76 % 6.89 % 7.28 % 7.63 % Tier 1 Leverage Ratio(2) 10.56 8.79 8.14 9.49 9.52 9.53 Total Risk-based Capital Ratio(2) 13.30 -- 11.94 12.75 12.85 12.75 Net Loans (Excl. HFS) / Assets 74.68 % 71.37 % 66.87 % 76.25 % 75.21 % 75.43 % Gross Loans (Excl. HFS) / Deposits 95.97 82.71 78.23 95.56 95.12 91.86 NIB Deposits / Deposits 22.38 32.19 31.66 32.14 24.75 20.84 Commercial Loans / Loans (Excl. HFS)(3) 22.83 21.60 22.62 25.05 27.22 31.24 C&D / Total Risk-Based Capital(4) 95.9 % 106.0 % 117.0 % 109.8 % 91.7 % 78.2 % CRE / Total Risk-Based Capital(4) 222.4 262.0 250.1 272.1 253.5 253.6 Asset Quality NPLs / Loans (Excl. TDRs)(5) 0.53 % 0.35 % 0.41 % 0.25 % 0.34 % 0.42 % NPAs / Assets (Excl. TDRs)(5) 0.58 0.48 0.31 0.21 0.28 0.39 Reserves / Loans (Excl. HFS) 0.71 0.74 0.91 0.83 0.81 0.92 NCOs / Average Loans 0.10 0.06 0.03 0.04 0.11 0.08 Profitability Ratios Net Income Available to Common Shareholders $23,772 $29,994 $52,136 $52,905 $65,642 $59,706 ROAA 1.11 % 0.88 % 1.18 % 0.97 % 1.04 % 0.86 % ROACE 8.70 8.42 12.25 11.59 12.36 9.54 Net Interest Margin 4.10 % 4.06 % 3.84 % 3.92 % 3.62 % 3.48 % Efficiency Ratio 64.37 67.75 61.84 65.26 61.61 65.42 Non-Interest Income / Avg. Assets 0.50 0.63 0.80 0.54 0.62 0.63 Non-Interest Expense / Avg. Assets 2.74 2.95 2.66 2.73 2.47 2.55 For the Fiscal Year Ended December 31,
31 COMMERCIAL REAL ESTATE – HISTORICAL PERFORMANCE Note: Dollars in thousands. (1) Calculated at the bank level based on preliminary FDIC call report data. (2) Based on outstanding loan balances prior to accounting adjustments. Percentage based on CRE loans outstanding. (3) Past due and nonaccrual loan amounts exclude purchased impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. This was applicable to all periods 12/31/2022, and prior. The guidance and methodology were changed beginning 1/1/2023, due to CECL adoption. (4) All charge-offs are YTD through period noted. Q4'18 Q4'19 Q4'20 Q4'21 Q4'22 Q4'23 Q4'24 Construction - 1-4 Family Residential 55,485$ 60,780$ 68,503$ 90,861$ 109,629$ 117,128$ 105,098$ Other Const, Development, Vacant Land & Lots 155,569 183,401 334,562 457,667 612,445 552,670 565,404 Total Construction 211,054 244,181 403,065 548,528 722,074 669,798 670,502 % of Total Loans (1) 13.8% 14.3% 13.5% 17.2% 15.7% 13.4% 11.2% % of Total Bank Capital 94.1% 95.9% 106.0% 117.0% 116.7% 97.6% 83.9% Multi-Family Properties 39,273 36,454 95,707 97,508 98,637 108,432 200,454 Commercial Rental 226,723 284,795 496,198 525,977 967,915 1,072,280 1,299,469 Other Loans for Real Estate Purposes 10,286 708 736 500 409 481 4,112 Total Outstanding CRE Exposure 487,336$ 566,138$ 995,706$ 1,172,513$ 1,789,035$ 1,850,991$ 2,174,537$ % of Total Loans (1) 31.9% 33.1% 33.3% 36.7% 38.8% 37.1% 36.4% % of Total Bank Capital 217.2% 222.4% 262.0% 250.1% 289.1% 269.7% 272.1% Credit Ratings(2) Pass-Watch / Special Mention % 1.6% 0.5% 1.7% 2.7% 3.0% 2.4% 7.1% Classified % 0.9% 0.9% 0.7% 1.2% 0.7% 0.6% 0.4% Total Watch List % 2.5% 1.4% 2.4% 3.9% 3.6% 3.0% 7.6% Past Dues(3) Nonaccrual Loans 550$ 1,449$ 1,578$ 1,701$ 1,250$ 4,569$ 6,130$ Past Due 90 days or more - - 77 - 4 - - Total Past Due 550$ 1,449$ 1,654$ 1,701$ 1,254$ 4,569$ 6,130$ Total Past Due / Total CRE Loans 0.1% 0.3% 0.2% 0.1% 0.1% 0.2% 0.3% Net Charge Offs YTD(4) (322)$ (2)$ 14$ 147$ (9)$ 1,982$ 1,683$ Net Charge Offs YTD / CRE Loans (0.07%) (0.00%) 0.00% 0.01% (0.00%) 0.11% 0.08%
32Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2020 2021 2022 2023 2024 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Core Net Income: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 14,474$ 12,220$ 15,856$ 16,492$ 15,138$ Adjustments(1): -$ -$ (543)$ -$ -$ -$ -$ -$ -$ -$ 277$ 799$ 566$ -$ (39)$ -$ (39)$ -$ -$ -$ -$ -$ -$ 341$ -$ 341$ -$ -$ -$ -$ (107)$ (299)$ 38$ 2,023$ (6)$ 1,974$ 1$ -$ 10$ (17)$ -$ (354)$ -$ (745)$ -$ (10)$ -$ -$ -$ -$ -$ -$ -$ (1,150)$ -$ -$ -$ -$ -$ -$ -$ 1,230$ 395$ -$ -$ -$ -$ -$ -$ -$ (530)$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 7,832$ 407$ 4,236$ 215$ 1,524$ 62$ 626$ 417$ 319$ 162$ -$ -$ -$ -$ 769$ -$ -$ -$ 403$ 366$ -$ -$ -$ -$ 3,805$ -$ -$ -$ -$ 3,805$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 16,841$ 12,808$ 16,273$ 17,224$ 19,454$ Core Return on Average Assets: Net Income 29,994$ 52,136$ 52,905$ 65,642$ 59,706$ 14,474$ 12,220$ 15,856$ 16,492$ 15,138$ Core Net Income 37,466$ 53,919$ 57,597$ 66,326$ 65,759$ 16,841$ 12,808$ 16,273$ 17,224$ 19,454$ Average Assets 3,426,120$ 4,403,670$ 5,473,508$ 6,341,880$ 6,973,735$ 6,494,861$ 6,667,527$ 6,711,173$ 6,788,644$ 7,721,338$ ROAA 0.88% 1.18% 0.97% 1.04% 0.86% 0.88% 0.74% 0.95% 0.97% 0.78% Core ROAA 1.09% 1.22% 1.05% 1.05% 0.94% 1.03% 0.77% 0.98% 1.01% 1.00% ROACE 8.42% 12.25% 11.59% 12.36% 9.54% 10.54% 8.51% 10.94% 10.76% 8.23% Core ROACE 10.51% 12.67% 12.62% 12.49% 10.51% 12.27% 8.92% 11.22% 11.23% 10.58% Average Diluted Shares Outstanding 18,243,445 20,634,281 22,817,493 25,296,200 26,452,084 25,333,913 25,429,194 25,395,614 25,440,247 29,520,781 Diluted Earnings per Common Share 1.64$ 2.53$ 2.32$ 2.59$ 2.26$ 0.57$ 0.48$ 0.62$ 0.65$ 0.51$ Core Diluted Earnings per Common Share 2.05$ 2.61$ 2.52$ 2.62$ 2.49$ 0.66$ 0.50$ 0.64$ 0.68$ 0.66$ Net Interest Margin Excluding Loan Discount Accretion: Net Interest Income 127,646$ 153,884$ 199,577$ 215,129$ 227,383$ 53,760$ 51,531$ 54,009$ 56,114$ 65,729$ Adjustments: (6,592) (7,750) (9,432) (9,311) (4,182) (1,921) (785) (1,695) (705) (997) Adjusted Net Interest Income 121,054$ 146,134$ 190,145$ 205,818$ 223,201$ 51,839$ 50,746$ 52,314$ 55,409$ 64,732$ Average Interest-earning Assets 3,145,743$ 4,011,773$ 5,091,684$ 5,939,405$ 6,536,333$ 6,086,330$ 6,246,130$ 6,291,616$ 6,363,995$ 7,237,784$ Net Interest Margin 4.06% 3.84% 3.92% 3.62% 3.48% 3.50% 3.32% 3.45% 3.51% 3.61% 3.85% 3.64% 3.73% 3.47% 3.41% 3.38% 3.27% 3.34% 3.46% 3.56% Core conversion expenses CECL Oakwood impact Loan purchase discount accretion Net Interest Margin excluding loan discount accretion (Gain)/Loss on Sale of Securities (Gain)/Loss on Sale of Banking Center (Gain)on extinguishment of debt Occupancy and bank premises-hurricane repair Stock Option Exercises Acquisition-related expenses Core Net Income, ROAA, NIM excluding loan discount accretion For the Year Ended December 31, Fiscal Quarter Insurance Reimbursement of storm expenditures, net of tax (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises
33 Note: Dollars in thousands except per share data. (1) Adjustments are net of tax. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TTM Q1'24 Q2'24 Q3'24 Q4'24 Q4'24 Core Net Income: Net Income 12,220$ 15,856$ 16,492$ 15,138$ 59,706$ Adjustments(1): (39)$ -$ -$ -$ (39)$ 1$ -$ 10$ (17)$ (6)$ 626$ 417$ 319$ 162$ 1,524$ -$ -$ 403$ 366$ 769$ -$ -$ -$ 3,805$ 3,805$ Core Net Income 12,808$ 16,273$ 17,224$ 19,454$ 65,759$ Core Return on Average Assets: Net Income 12,220$ 15,856$ 16,492$ 15,138$ 59,706$ Core Net Income 12,808$ 16,273$ 17,224$ 19,454$ 65,759$ Average Assets 6,667,527$ 6,711,173$ 6,788,644$ 7,721,338$ 6,973,735$ ROAA 0.74% 0.95% 0.97% 0.78% 0.86% Core ROAA 0.77% 0.98% 1.01% 1.00% 0.94% Average Diluted Shares Outstanding 25,429,194 25,395,614 25,440,247 29,520,781 26,452,084 Diluted Earnings per Common Share 0.48$ 0.62$ 0.65$ 0.51$ 2.26$ Core Diluted Earnings per Common Share 0.50$ 0.64$ 0.68$ 0.66$ 2.49$ CECL Oakwood impact Core Net Income and ROAA - Trailing Twelve Months Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment (Gain)/Loss on Sale of Securities Acquisition-related expenses Core conversion expenses
34 Note: Dollars in thousands except per share data. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 644,259$ 649,034$ 664,530$ 699,524$ 799,466$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 572,329$ 577,104$ 592,600$ 627,594$ 727,536$ Adjustments: Goodwill (88,391) (91,527) (91,527) (91,527) (121,572) Core deposit and other intangibles (11,895) (11,372) (10,849) (10,326) (17,252) Total Tangible Common Equity 472,043$ 474,205$ 490,224$ 525,741$ 588,712$ Tangible Assets Total Assets 6,584,550$ 6,695,558$ 6,703,889$ 6,888,649$ 7,857,090$ Adjustments: Goodwill (88,391) (91,527) (91,527) (91,527) (121,572) Core deposit and other intangibles (11,895) (11,372) (10,849) (10,326) (17,252) Total Tangible Assets 6,484,264$ 6,592,659$ 6,601,513$ 6,786,796$ 7,718,266$ Common Equity to Total Assets 8.69% 8.62% 8.84% 9.11% 9.26% Tangible Common Equity to Tangible Assets 7.28% 7.19% 7.43% 7.75% 7.63% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 644,259$ 649,034$ 664,530$ 699,524$ 799,466$ Preferred Stock (71,930) (71,930) (71,930) (71,930) (71,930) Total Common Shareholders' Equity 572,329$ 577,104$ 592,600$ 627,594$ 727,536$ Adjustments: Goodwill (88,391) (91,527) (91,527) (91,527) (121,572) Core deposit and other intangibles (11,895) (11,372) (10,849) (10,326) (17,252) Total Tangible Common Equity 472,043$ 474,205$ 490,224$ 525,741$ 588,712$ Adjustments: Exclude AOCI (66,585) (71,634) (67,784) (46,144) (62,998) Total Tangible Common Equity (excl. AOCI) 538,628$ 545,839$ 558,008$ 571,885$ 651,710$ Common shares outstanding 25,351,809 25,485,383 25,502,175 25,519,501 29,552,358 Book Value per Common Share 22.58$ 22.64$ 23.24$ 24.59$ 24.62$ Tangible Book Value per Common Share 18.62$ 18.61$ 19.22$ 20.60$ 19.92$ Tangible Book Value per Common Share (excl. AOCI) 21.25$ 21.42$ 21.88$ 22.41$ 22.05$ TCE/TA, TBVPS Fiscal Quarter
35 Note: Dollars in thousands except per share data. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 2020 2021 2022 2023 2024 Tangible Common Equity / Tangible Assets: Tangible Common Equity Total Shareholders' Equity 409,963$ 433,368$ 580,481$ 644,259$ 799,466$ Preferred Stock - - (71,930) (71,930) (71,930) Total Common Shareholders' Equity 409,963$ 433,368$ 508,551$ 572,329$ 727,536$ Adjustments: Goodwill (53,862) (59,894) (88,543) (88,391) (121,572) Core deposit and other intangibles (9,734) (12,203) (14,042) (11,895) (17,252) Total Tangible Common Equity 346,367$ 361,271$ 405,966$ 472,043$ 588,712$ Tangible Assets Total Assets 4,160,360$ 4,726,378$ 5,990,460$ 6,584,550$ 7,857,090$ Adjustments: Goodwill (53,862) (59,894) (88,543) (88,391) (121,572) Core deposit and other intangibles (9,734) (12,203) (14,042) (11,895) (17,252) Total Tangible Assets 4,096,764$ 4,654,281$ 5,887,875$ 6,484,264$ 7,718,266$ Common Equity to Total Assets 9.85% 9.17% 8.49% 8.69% 9.26% Tangible Common Equity to Tangible Assets 8.45% 7.76% 6.89% 7.28% 7.63% Tangible Book Value per Share: Tangible Common Equity Total Shareholders' Equity 409,963$ 433,368$ 580,481$ 644,259$ 799,466$ Preferred Stock - - (71,930) (71,930) (71,930) Total Common Shareholders' Equity 409,963$ 433,368$ 508,551$ 572,329$ 727,536$ Adjustments: Goodwill (53,862) (59,894) (88,543) (88,391) (121,572) Core deposit and other intangibles (9,734) (12,203) (14,042) (11,895) (17,252) Total Tangible Common Equity 346,367$ 361,271$ 405,966$ 472,043$ 588,712$ Adjustments: Exclude AOCI 10,628 (1,177) (74,204) (66,585) (62,998) Total Tangible Common Equity 335,739$ 362,448$ 480,170$ 538,628$ 651,710$ Common shares outstanding 20,621,437 20,400,349 25,110,313 25,351,809 29,552,358 Book Value per Common Share 19.88$ 21.24$ 20.25$ 22.58$ 24.62$ Tangible Book Value per Common Share 16.80$ 17.71$ 16.17$ 18.62$ 19.92$ Tangible Book Value per Common Share (excl. AOCI) 16.28$ 17.77$ 19.12$ 21.25$ 22.05$ TCE/TA, TBVPS For the Year Ended December 31,
36 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Note: Dollars in thousands. (1) Excludes gains/losses on sales of securities. TTM Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 12/31/2023 12/31/2024 Q4'24 Core Efficiency Ratio: Noninterest Expense 39,714$ 42,522$ 43,110$ 42,450$ 49,570$ 156,702$ 177,652$ 177,652$ Core Adjustments (495)$ (715)$ (419)$ (830)$ (631)$ (668)$ (2,595)$ (2,595)$ Net Interest and Noninterest Income 62,676$ 60,918$ 66,185$ 66,901$ 77,565$ 254,336$ 271,569$ 271,569$ Core Adjustments (13)$ (50)$ -$ -$ -$ (2,403)$ (50)$ (50)$ Efficiency Ratio(1) 63.36% 69.80% 65.14% 63.45% 63.91% 61.61% 65.42% 65.42% Core Efficiency Ratio 62.59% 68.68% 64.50% 62.21% 63.09% 61.93% 64.47% 64.47% Core Efficiency Ratio Fiscal Quarter Fiscal Year Ended
37 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Note: Dollars in thousands. Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Core pre-tax, pre-provision earnings: Pre-tax, pre-provision earnings 20,459$ 18,395$ 23,075$ 24,438$ 28,016$ Adjustments: -$ (50)$ -$ -$ -$ 432$ -$ -$ -$ -$ 2,503$ 1$ -$ 13$ (21)$ (13)$ -$ -$ -$ -$ 63$ 715$ 419$ 319$ 168$ -$ -$ -$ 511$ 463$ -$ -$ -$ -$ 4,824$ Core pre-tax, pre-provision earnings 23,444$ 19,061$ 23,494$ 25,281$ 33,450$ Acquisition-related expenses Core conversion expenses CECL Oakwood impact Core Pre-tax, Pre-provision Earnings Fiscal Quarter (Gain)/Loss Former Bank Premises & Equipment Write-Down on Former Bank Premises (Gain)/Loss on Sale of Securities (Gain)/Loss on Sale of Banking Center
v3.24.4
Document And Entity Information
|
Jan. 23, 2025 |
| Document Information [Line Items] |
|
| Entity Address, Postal Zip Code |
70801
|
| Entity Tax Identification Number |
20-5340628
|
| Entity File Number |
001-38447
|
| Entity Central Index Key |
0001624322
|
| Entity Incorporation, State or Country Code |
LA
|
| Entity Registrant Name |
BUSINESS FIRST BANCSHARES, INC.
|
| Document Type |
8-K
|
| Document Period End Date |
Jan. 23, 2025
|
| Entity Address, Address Line One |
500 Laurel Street, Suite 101
|
| Entity Address, City or Town |
Baton Rouge
|
| Entity Address, State or Province |
LA
|
| City Area Code |
225
|
| Local Phone Number |
248-7600
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common Stock, par value $1.00 per share
|
| Trading Symbol |
BFST
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
false
|
| Amendment Flag |
false
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Business First Bancshares (NASDAQ:BFST)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Business First Bancshares (NASDAQ:BFST)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
